The benchmark BSE Sensex dropped for the sixth day today to
record its longest losing run in four months as foreign funds continued to
offload shares on fears that below normal rains will result in higher
inflation.The market is on a downward spiral since last Tuesday when
Reserve Bank had cut repo rate by 25 bps, despite flagging concerns over
economic recovery. Nifty today fell by 21 points or 0.27 per cent at 8022. Market continues to be above the crucial level of 8000 ahead
of MSCI’s decision on whether to include China a shares in the EM index. This
will be decisive in telling us if the market is likely to breach to lower
levels.
Nifty continued to remain under pressure tracking the global cues. Concerns of a possible rate hike in US and Greece debt crisis affected market sentiments negatively. At present there is no positive trigger, most of the news flows from international markets and from the domestic front also are not supporting the market.
Nifty continued to remain under pressure tracking the global cues. Concerns of a possible rate hike in US and Greece debt crisis affected market sentiments negatively. At present there is no positive trigger, most of the news flows from international markets and from the domestic front also are not supporting the market.
we would consider this level of 8050 to be the most critical
level for tomorrow, and unless this is violated decisively on high volume
activity again we could use it as a base to trade for the anticipated pullback
for tomorrow. One thing, however, we ought to mention that unless the level of 8100
is firmly reclaimed this would just be a pullback rally and the bears would use
higher levels to sell again.
More about intraday tips on Google +
RESISTANCE: 8150, 8200, 8250
SUPPORT: 8100, 8050, 8000
No comments:
Post a Comment