The markets on Wednesday could not hold forte against global volatility as Sensex and Nifty lost more than a per cent each after China announced additional tariffs of 25% on 106 US goods, stoking fresh fears of a trade war. The 30-share BSE Sensex lost 351.56 points to close at 33,019.07 while the broader 50-share NSE Nifty finished trading at 10,128.40, down 116.60 points. Also, the Reserve Bank of India kicked off its two-day policy meeting. Expectation are like, the central bank will keep interest rates unchanged in the first monetary policy review of the current fiscal year, amid a gradual recovery in growth and easing inflation."SELL HCC FUTURE BELOW 24 TGT 23.2/22.5 SL 25.4""BUY RCOM FUTURE ABOVE 22.7 TGT 23.4/23.9 SL 21.5"
seems sensex just needs excuse to fall, when world markets rise, it falls due to local factors and when there are no local factors, it falls due to global ones. The overall market view is still positive as the nifty has a bunch of strong support near 10100-10050, and any dips near this level can be a good buying opportunity. I believe that if index holds above 10200 levels then it has the potential to claim the targets of 10300-10350. I recommend every dip near 10100 can be used to make fresh long in the index with keeping stop out level below 10000 on a closing basis.
RESISTANCE: 10200, 10300
PIVOT POINT:
10100
SUPPORT:
10050, 10000
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