22 December 2016


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.

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Resistance: 8030, 8060, 8100
Support: 7950, 7900, 7850

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