The market saw no respite as the benchmark indices extended
their losing streak for the third consecutive trading session. Sentiment was
hit after the Indian rupee further weakened against the US Dollar heading
towards the Rs67 per dollar mark. The
BSE Sensex opened at 25810, touched an intra-day high of 25810 and low of 25624.
It finally ended with a loss of 249 points at 25638. The NSE
Nifty opened at 7818 hitting a high of 7821 and low of 7775, before ending
with a loss of 82 points at 7782. Nifty further declined today and found support at the 7780
levels. If the index breaches below the same, we expect selling pressure to
intensify in the coming days. Market direction would also depend on the global
cues, domestically. The coming week promises to be full of action. Among the
major macro-economic data on tap are the Q3 BoP Current Account Balance,
exports & import data for the month of November and October Industrial
Production data.
Nifty Future failed to clear the 7850 resistance attempted
in the latter half of the session and tumbled to close the day in the red,
below the 7800 level. A decisive breach of the 7750 region will signal fresh
bearishness and accentuate the downswing leading to retest of the 7835, 7717-7706
region. Below 7717 level, further offloading by the bulls is likely as the
bears tighten their grip. If, however, 7850-7870 region holds, a weak pull back
to the 7890 region may be expected. It must clear the 7910 region decisively
for signaling that it is out of the woods which seems to be a tall order for
now.
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Resistance: 7850, 7900, 7950
Support: 7870, 7820, 7770
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