19 December 2016


Sensex, Nifty traded in red throughout the day and ended on a weaker note than it opened. The Sensex dived for the fourth straight session today to close at almost a two-week low of 26,375 by falling about 115 points, tracking negative leads from the global market amid continuous capital outflow. The BSE Sensex ended with a loss of 115 points at 26374. The indices opened at 26505 touched an intra-day high of 26505 and low of 26340. Selling intensified in late trade with key indices hitting fresh intraday low at the fag end of the trade after hovering in a narrow range in negative terrain for the most part of the session weighed by lower Asian stocks. The Nifty was down 35 points and closed at 8104. It opened at 8126 points, hitting a high of 8132 and low of 8094.
On the upside, the Nifty has significant resistances at 8170 and 8200 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8250 and 8300 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 8100 and 8050.
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Supports: 8100 and 8050
Resistances: 8170 and 8250

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