1 December 2016


" SELL NIFTY BELOW 8200 TGT 8150/8110 SL 8260"
Today market snapped a four-day winning streak as investors felt a rally in auto stocks was overdone. Also, prospects of crude oil prices going higher led to a slide in select oil related stocks. India’s GDP grew lower than expected in the September quarter at 7.3%, as compared to 7.6% in the same quarter last year. The Sensex ended with a loss of 93 points at 26559. The benchmark indices opened at 26756 touched an intra-day high of 26769 and low of 26540. The Nifty closed 33 points lower at 8192 It opened at 8244 points, hitting a high of 8250 and low of 8185.
From medium term perspective the key support is at 8150-8130 level. We expect this level as important one and likely to absorb any further selling pressure. And most likely market to hold above this level. On the upside supply is coming at 8270, breaking of the level market will find the momentum which is lacking couple of days and will then set for moving above the recent swing high at 8300 level. Investor is advised to initiate long on a break above 8250 with a stop below 8150.
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Supports: 8150 and 8100
Resistances: 8250 and 8300

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