Weakness in the
US markets pushed the Nifty index below its crucial psychological support level
of 7800 and Sensex below 26000 on Thursday, led by a sell-off in European
markets. The Nifty index plunged over 100 points in the last half-an-hour
of trade, while the Sensex suffered losses of over 300 points in trade today. The
Nifty ended at 7,748 down 115 points. It touched a high of 7,893 and a low of
7,729 in trade today.
Market movement is slowly
turning more and more negative and once it breaks 7700, then we might see a
quick decline of about 100-120 points on the Nifty. Because of technical
factors, market can crack further and the next level will be 7650-7500. Now
only when 7790-7865 levels crossed decisively then only some buying will take place.
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RESISTANCE:
7760, 7810, 7860
SUPPORT:
7710, 7660, 7610
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