Bears remained in charge on second consecutive session on Wednesday. The market is currently looking like a 'sell on rally' type. In the worst case scenario. Sensex consecutively fell for the second straight day and the Nifty slipped below its crucial psychological level of 8150 on the back of broad-based selling."Buy DLF Future above 112 Tgt 113.90/115.50 Sl 108""Sell VEDL Future below 188 Tgt 184/181 Sl 192.40"
Expectations of weak monsoon rains weighed upon the investor sentiment. India's weather department has said that monsoon rains are likely to be 88 per cent of the long period average compared to its earlier projection of 93 per cent. Weak monsoon rains would mean that the agriculture produce will be lesser which would lead to spike in inflation.
Meanwhile, the Nifty can fall to 7800 levels in the worst case scenario. Nifty to settle around current levels of 8100-8150. The Nifty is again very close to the 8100 this is the key support level to watch out for. If this gets decisively taken out, the index might fall to the next support area between 8070 and 8050, the final support range before the psychologically important 8000-mark gets taken out firmly. The next few trading days are quite important in that if index decisively breaches the 8000-mark, all bullish overtures would be negated.
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RESISTANCE: 8150, 8200, 8250
SUPPORT: 8100, 8050, 8000
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