Despite hopes of healthy economic expansion data, the slide
in Asian bourses and a weaker rupee dented the Indian equity market on Monday. The
Sensex and Nifty broadly remained volatile on Monday ahead of economic data due
later in the day amid concerns that the monsoon could be deficient this
year. The Sensex closed 109 points, lower at 26283. Nifty
closed 30 points, down at 7971. The domestic markets on Monday opened
with a negative note tracking the global cues. After that the markets remained
sideways as of the lack of major triggers. Also the investors trimmed some of
their long positions ahead of the GDP data which will be come out today after
markets hours.
Closure of the bullish gap signals that it may move down
further and close of the bearish signals that there is still more headroom on
the higher side. 7950-7930 is an important support region and as long as this
region holds on dips, the current trend remains up. 7900, 7840 are important
supports, which, if breached will signal fresh weakness. A decisive breach of
7630 will signal resumption of the downswing. On the higher side, it has closed
above 8020 region signaling strength but it must now move above 8080 for some
meaningful pullback. A decisive move above 8290, where the 200 exponential
moving averages is posited, will signal resumption of the long term uptrend.
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RESISTANCE: 8030, 8050, 8100
SUPPORT: 7980, 7930, 7880
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