TUESDAY TURMOIL..!!! NIFTY CRACKS 2 % & CLOSED BELOW
7800 MARK
Markets capitulated to selling pressure for second
consecutive session on Tuesday and ended with massive loss of around 2%, which
dragged Sensex and Nifty below 25,700 and 7,800 levels respectively. The
Sensex fell over 700 points and Nifty fell more than 2 per cent on Tuesday to
near its lowest in about a year. Today’s markets began on weak global cues as the US markets
had closed lower on Monday amid continued uncertainty about China and the Fed. Lower-than-expected
GDP data and sell-off in global equities hit market sentiments as the key
benchmark indices plunged over 2 per cent on Tuesday. The Sensex and
Nifty tanked 586 points and 185 points at 25696 and 7785. Sensex settled at its
lowest level in more than a year while Nifty settled at its lowest level in
more than 10 months.
There has been a gradual shift in the trading range to the
downside and after today’s breach of 7800 mark indicates that Nifty would
further see weakness in the coming days. On the upside, a decisive trade will
come, only when Nifty crosses 8,200 and sustains above it.
More about intraday tips on Google +
RESISTANCE: 8030, 8050, 8100
SUPPORT:
7980, 7930, 7880
No comments:
Post a Comment