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Volatility ruled the
roost. Situation is getting worst day by day for the Indian equity market as the
Sensex and Nifty resumed declines after a day's breather. The Sensex ended 204
points lower at 37115 and the Nifty Index fell 65 points or to close at 11157.
Reason behind selling pressure was uncertainty over outcome of general
elections and ongoing trade tensions between US and China.
The near term outlook will remain bearish as long as the nifty trading below 11200 levels. Traders with a short-term perspective can make use of rallies to initiate short position with a stop-loss at 11300 levels. Also, a decisive fall below 11150 will indicate increase in selling pressure. Next supports are at 11100 and 11000 levels. On the other hand, significant resistance is at 11300 only a decisive break through this resistance level will reinforce the bullish momentum and take the contract northwards to 11350 and 11400 levels.
The near term outlook will remain bearish as long as the nifty trading below 11200 levels. Traders with a short-term perspective can make use of rallies to initiate short position with a stop-loss at 11300 levels. Also, a decisive fall below 11150 will indicate increase in selling pressure. Next supports are at 11100 and 11000 levels. On the other hand, significant resistance is at 11300 only a decisive break through this resistance level will reinforce the bullish momentum and take the contract northwards to 11350 and 11400 levels.
STRATEGY: MAKE USE
OF RALLIES TO INITIATE FRESH SHORTS
SUPPORTS: 11100, 11000
RESISTANCES: 11300, 11400
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