BUY BANKNIFTY FUTURE ABOVE 27350 TGT 27400/27470 SL 27290
SELL ADANIENT BELOW 151 TGT 150/148.50 SL 152.50
Bulls are on back foot, Bears continued to rule… The NSE Nifty ended the session at 11438, down 151 points. No sector managed to shut shop in the green although the Nifty IT index did manage to end on a flat note. The Nifty PSU Bank index was the worst sectoral performer with all 12 constituents closing in the red. Rout in rupee, Spike in bond yields, Weakness in global markets, Firming oil prices were the causes of this decline. Axis Bank was the top index gainer as the bank said Amitabh Chaudhry of HDFC Life will join as chief executive officer from January 1.
The index closes below 11450.This is a sign of weakness; however, unless follow on selling comes tomorrow to tilt the scales in favor of the bears, there is still not much to worry. What we need to watch out for is its ability to hold above the 11450 level if there were to be any fresh weakness in tomorrow’s session. Staying above 11475 would mean getting some gumption back, and if it were to stay above 11500 then that would be the first sign of strength. On the downside, below the 11400 level strong support exists between 11375 and 11350 levels. Major support, of course, remains between 11325 and 11300.
SELL ADANIENT BELOW 151 TGT 150/148.50 SL 152.50
Bulls are on back foot, Bears continued to rule… The NSE Nifty ended the session at 11438, down 151 points. No sector managed to shut shop in the green although the Nifty IT index did manage to end on a flat note. The Nifty PSU Bank index was the worst sectoral performer with all 12 constituents closing in the red. Rout in rupee, Spike in bond yields, Weakness in global markets, Firming oil prices were the causes of this decline. Axis Bank was the top index gainer as the bank said Amitabh Chaudhry of HDFC Life will join as chief executive officer from January 1.
The index closes below 11450.This is a sign of weakness; however, unless follow on selling comes tomorrow to tilt the scales in favor of the bears, there is still not much to worry. What we need to watch out for is its ability to hold above the 11450 level if there were to be any fresh weakness in tomorrow’s session. Staying above 11475 would mean getting some gumption back, and if it were to stay above 11500 then that would be the first sign of strength. On the downside, below the 11400 level strong support exists between 11375 and 11350 levels. Major support, of course, remains between 11325 and 11300.
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RESISTANCE: 11475, 11525, 11575
SUPPORT: 11400, 11350,
11300
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