As predicted in our last post nifty weekly report the selling pressure witnessed in the market and the target given 10270 has achieved. For the next nifty future targets & nifty upcoming view keep reading.
The influence of the bear was seen in today’s market which will be more powerful tomorrow. During the last hour of trade, the Sensex succumbed to selling pressure and fell nearly 300 points. It later recovered marginally in the final minutes of trading. While the Sensex fell 281 points to 33033 level, the Nifty closed 69 points or 0.68 % lower to 10264 level. Disappointing macroeconomic data and muted earnings as well as caution ahead of Consumer Price Index inflation data to be released later in the day hit the market sentiment. A weakening rupee too dampened investor sentiment. Industrial production (IIP) grew at a slower pace of 3.8% in September, mainly due to subdued performance of the manufacturing sector coupled with contraction in output of consumer durables.
Pullback
rally is expected in Tuesday's sessions. A decline below 10250 is expected and
also suggested to sell Nifty future if conditions matched for same targets will
be 10200. Going forward, the immediate support for the Nifty is placed at 10200
and 10155 levels. On the flipside, resistance is seen at 10330 and 10400
levels, but the major hurdle is in the 10355-10385 region and till such time
that this region is taken out, any rally may be considered as a pull back or of
corrective in nature.The influence of the bear was seen in today’s market which will be more powerful tomorrow. During the last hour of trade, the Sensex succumbed to selling pressure and fell nearly 300 points. It later recovered marginally in the final minutes of trading. While the Sensex fell 281 points to 33033 level, the Nifty closed 69 points or 0.68 % lower to 10264 level. Disappointing macroeconomic data and muted earnings as well as caution ahead of Consumer Price Index inflation data to be released later in the day hit the market sentiment. A weakening rupee too dampened investor sentiment. Industrial production (IIP) grew at a slower pace of 3.8% in September, mainly due to subdued performance of the manufacturing sector coupled with contraction in output of consumer durables.
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Resistance: 10355, 10375,
10405
Support: 10250,
10200, 10150
Sir any view on the Nov options ? Will the Nifty reach around 10400 levels ? And what's your outlook on Bank Nifty ?
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