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Tuesday belonged to the bears…!!! Bears took the charge in the final hour of trade today.
The Sensex ended over 200 points down, while the Nifty was below 10275-mark. Investors
are having an eye on what the US Federal Reserve will do as well as how the
second round of polling will progresses in Gujarat. The Sensex closed
down 227 points at 33228, while the Nifty was down 81 points at 10264. Investor
remained cautious that higher global crude oil prices would stoke inflation and
impact future interest rate decisions by the Reserve Bank of India. The Nifty
settled has opened at 10332 made a high of 10337 & low of 10254, total 83
points nifty future has moved in intraday. The banknifty future fell over
1 % after gaining 2.2 % in the last three sessions. Banknifty future has opened
at day’s high 25399 & made a low of 10254 & finally closed at 25165
total 239 points banknifty future moved in intraday. ICICI Bank, Axis Bank, and
HDFC Bank fell over 1% while oil marketers Hindustan Petroleum Corporation Ltd,
Indian Oil and Bharat Petroleum Corporation lost as much as 2-4%.
The Nifty future has slipped below support level 10275 & closed at 10264. Going into Wednesday trade, the market is poised in a tricky situation. We might see modestly positive to flat opening. Shorts are being added to the system given the fact that the support level 10250 remains in close vicinity at 10235, the market may seek to take some respite from the current spate of weakness. On the other hand, the 10350 and 10400 levels will pose stiff resistance on the upside. We recommend avoiding shorts and keeping overall exposures moderate while keeping a cautious view on the market.
The Nifty future has slipped below support level 10275 & closed at 10264. Going into Wednesday trade, the market is poised in a tricky situation. We might see modestly positive to flat opening. Shorts are being added to the system given the fact that the support level 10250 remains in close vicinity at 10235, the market may seek to take some respite from the current spate of weakness. On the other hand, the 10350 and 10400 levels will pose stiff resistance on the upside. We recommend avoiding shorts and keeping overall exposures moderate while keeping a cautious view on the market.
WEEKLY RESISTANCE FOR NIFTY: 10350, 10370,
10400
PIVOT POINT: 10235
WEEKLY
SUPPORT FOR NIFTY: 10235, 10200, 10175
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