The markets are volatile. Uncertainty over the Chinese
markets, profit bookings and the upcoming derivatives expiry flared up volatility in
the Indian equity markets. Domestic equity markets closed over 1 per
cent lower on Wednesday, giving up gains from the previous session as wary
investors shied away from risky bets on fears that a rate cut in China was not
enough to stabilize its slowing economy or halt a collapse in stocks. The
Sensex and Nifty tanked 317 points and 88 points at 25714 and 7791, respectively.
The Sensex touched a high of 26156 points and a low of 25657 points during
intra-day trade. Bearish sentiments also subdued trade at the National Stock
Exchange. The derivatives expiry tomorrow is also adding volatility and
anxiety. Though a scheduled event, at this stage it is one of the most
important factors to look out for.
Tomorrow will be the expiry of f& o September 2015 series.
Very volatile market we are expecting for tomorrow. On the lower side, 7770, 7750
is the immediate support. 7730-7710-7690 are important levels and a beach of 7650
will signal resumption of the downswing. On the higher side, 7950 is the
immediate resistance and it must sustain decisively above this region to signal
a breather in the downswing and above the 8000 - 8050 range for some meaningful
pullback.
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RESISTANCE: 7830, 7880, 7930
SUPPORT: 7780, 7730, 7680
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