Market
declined for the fifth straight session as investors shied away from taking any
big bets on rising geopolitical concerns dragging Sensex & Nifty to their
two-week lows. Sensex fell for fifth day in a row while the broader Nifty
settled below its crucial psychological level of 8100 on Tuesday on the back of
selloff in banking, pharma and auto shares.
The
Nifty breached the 8100 mark while the Sensex too traded in the negative zone
even as Finance Minister Arun
Jaitley said that the RBI is releasing adequate currency everyday
post demonetization. Shares of non-banking finance companies are
likely to fall further as sentiment takes a hit due to uncertainty over
earnings after demonetization. S&P BSE Sensex is trading at 26324 down
44 points, while the Nifty is trading at 8089, down 16 points.
On the upside, the Nifty has
significant resistances at 8200 and 8250 levels. A conclusive rally above the
second resistance is needed to strengthen the bullish momentum and take the
contract up to 8280 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 8050 and 8000.
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Supports: 8050 and 8000
Resistances: 8200 and 8250
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