17 November 2016


See-saw movement was there in the market today. The market fluctuated between gains and losses tracking weak trade in Asian markets as investors await testimony from Federal Reserve Chair Janet Yellen that will help shape U.S. interest-rate expectations. The Sensex fell over 71 points in choppy trade today to hit about six-month low of 26228, falling for the fourth straight session, amid lingering worries about the economic impact of demonetization. The Nifty too dipped below the key 8100 level. Sentiment also took a hit on sustained foreign capital outflow from emerging markets, including India, and the dollar climbing to its highest mark in over 13 years. Trading sentiment remained distinctly weak due to cash crunch arising out of the government’s move to demonetize Rs. 500 and Rs. 1,000 notes to flush out black money amid concerns about its impact on small and medium—sized businesses which largely run on cash.
After opening a shade higher at 26304, the Sensex advanced to the day’s high of 26449, it turned volatile largely in tandem with overseas markets and slipped into negative terrain to hit a low of 26155 before settling 71 points lower at 26227. The Sensex had lost 1218 points in the previous three sessions. The Nifty, after shuttling between 8151 and 8060, concluded 31 points down at 8079, when it closed at 8069. Chances are we would have to deal with another limited scale gyrations filled pro. Today, being the penultimate day of the market, we don’t feel we would see any major fireworks in the market. For Nse nifty the important levels to watch out remain the same as it was yesterday; however, we tend to think that it is not falling below 8000 or not to be able to get past 8170 decisively.
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RESISTANCE: 8155, 8195, 8235
SUPPORT:  8030, 8000, 7975

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