Today markets saw a major downturn as
banking stocks took serious blows after Sebi directed bourses to initiate action against 331
suspected shell companies on Monday. The Sensex lost 260
points to close on 32014 for the day while the Nifty future ended
trading on 10004 down by 87 points. Analysts had said that the 9975 level would
be crucial for Nifty future amid losses. The markets had opened on a
positive note and recovered losses incurred on Monday. But, soon the bourses
slipped into the red with Sensex losing as much as 359 points to hit the day-low
of 31915 in intra-day trade. Nifty future too lost 87 points to hit day-low of
10004.
The short-term trend in the Nifty
continues to be up despite the minor dip on
Wednesday. Immediate supports for the nifty future are at 9950 and 9920. Key
resistance is at 10,060 and support is at 10,000. A breakout on either side of
10,000 or 10,060 will decide the next trend. Until then a sideways move between
10,000 and 10,060 is more likely. A strong break below 9950 will increase the
selling pressure & may drag contract to 9900.
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Resistance: 10010, 10030,
10060
Support: 9950,
9930, 9900
I have 1 lot of nifty @9968 . what you say about that it will going be up or down.
ReplyDeleteMarket is in correction mode right now nifty future is trading @ 9965 level. below 9950 it may correct toward 9930-9910. to know more about nifty whatsapp me 09039542248
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