NIFTY TODAY
Bears tighten their grip on dalal street & took nifty below
10600 mark & made a low of 10562 but at the end nifty managed to close at
10600 down by 56 points. Market traded
on a weak note despite a positive opening in European markets and further fall
in oil prices. Rebound in PSU banks due to extension of full implementation of
Basel III norms and pharma stocks helped the market trim some losses in early
hours of trade. However, continued selling in IT stocks on account of strong
rupee restricted any recovery.
NIFTY TOMORROW
Levels around the 10655-10675 zone may now provide tough resistance to the index, while the 10500 level is likely to act as a strong support. The index has broadly negated the formation of lower highs and lower lows of last six weeks and closed above multiple hurdles in the 10455 -10475 zone. The index needs to hold above 10675 to witness an upward move towards the 10700 mark. Downside support has shifted to 10500 level
Levels around the 10655-10675 zone may now provide tough resistance to the index, while the 10500 level is likely to act as a strong support. The index has broadly negated the formation of lower highs and lower lows of last six weeks and closed above multiple hurdles in the 10455 -10475 zone. The index needs to hold above 10675 to witness an upward move towards the 10700 mark. Downside support has shifted to 10500 level
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Resistance: 10675, 10725
Support: 10575, 10500
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