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NIFTY TODAY
NIFTY TODAY
A
volatile session with a wider range as the Indian market was following the
global negative cues to open gap down. Severe selling pressure threw investors
off-balance today as domestic stocks suffered more losses. The benchmark
Sensex plunged 481 points to 33,53 and the Nifty broke below 1,100 as most
sectors felt the heat on the last day of October futures and options
contracts. The market remained under pressure throughout the session but
recovered a bit at the end of October F&O expiry day. The Nifty closed
October series 99 points lower at 10124 points. The Nifty Bank index
closed Thursday’s trade 0.98% lower.
NIFTY TOMORROW
Technically,
this is a typical noisy market in the near term and has all the characteristics
of the same, Gaps up and Down, indecisiveness, Doji formations. All this was
added as it was an opportunity for writers to jump in and eat the premiums.
This may be in place for a while as the market tries to pull itself out for a
directional play based on a change in consensus. One must understand it is not
an opportunity for going long aggressively but also not on the short side as
supports, very important, are just a few points away. Nifty must close below 10100
for the continuation of the trend while any bounce from these levels will be
swift and fast. We remain cautious and sidelined. A change instance will only
be either on a breach of 10000 or 10250.
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Resistance: 10150,
10250
Support: 10100,
10000
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