Market skewed in favor of the bears. The Nifty slipped
below the 8000 mark for the first time since November 25. The NSE Nifty
breached the 8,000 level on Thursday almost after a month when the index hit
7974 level on November 24, 2016. Foreign fund outflows, Earnings expectations,
Metal, bank stocks plunge, and Weak global cues are the reason behind this
market fall. Market sentiment remained subdued in the absence of any positive
trigger amid sustained capital outflows by foreign funds in view of the approaching
year end. The Sensex settled below the psychological 26000
and Nifty ended below the crucial 8000 level. Both
the Sensex and the Nifty hit their lowest closing levels in
four weeks. The Sensex ended with a loss of 263 points at 25980. The
benchmark indices opened at 26224 touched an intra-day high of 26248 and low of
25940. The Nifty was down 82 points and closed at 7979. It opened at 8044
points, hitting a high of 8046 and low of 7965.
Pullback rally is expected in upcoming
sessions. Going forward, the immediate support for the Nifty is placed at 7950
and 7900 levels. On the flipside, resistance is seen at 8050 and 8100 levels, but
the major hurdle is in the 8000-8020 region and till such time that this region
is taken out, any rally may be considered as a pull back or of corrective in
nature.
Resistance: 8030, 8060,
8100
Support: 7950,
7900, 7850
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