“SELL NIFTY FUTURE BELOW 8165 TG 8100/8060 SL 8200”
“SELL AXIS BANK BELOW 484 TG 470/462 SL 490”
The market ended with severe losses. The Sensex was down 213
points or 0.8 percent at 27039.76 and the Nifty slipped 61.70 points or 0.7
percent at 8171.20. About 1161 shares advanced, 1489 shares declined, and 186
shares were unchanged. Open interest studies indicated series at the level of 8256
is an important resistance which must be taken out for upside momentum. 8280,
8300, 8324, 8375 are important hurdles leading to 8400. The immediate support
is around 8130 but the strong support for now is in the 8200-8100 zone and till
such time that this region holds on declines, the bulls will continue to hold
fort.
The critical support is around 8180 and a decisive breach of this region
will see the bears returning to the centre stage again leading to panic selling
if the 8120 support is also broken. Nifty witnessed a down trend today
by giving low opening made a high of 8225 and a low of 8140.The range between
8200 and 8100 would be quite crucial as a support zone for the index tomorrow
unless the Nifty shows the rate of 8210 decisively in the day’s session bears
would have no problem pushing it further....In fact, bulls becoming aggressive
in trying to push the market up before they take out 8250 level could well get
trapped again. Thus, watching these levels would be quite critical.
RESISTANCE; 8220, 8270, 8330
SUPPORT; 8140, 8100, 8050
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