"BUY NIFTY ABOVE 8080 TGT 8120/8150 SL 8030"
The market
is on a downward spiral since last Monday on sustained foreign fund outflows
and weaker-than-expected earnings by some blue-chips. Falling for the Seventh
straight day, the broad-based Nifty today went below the crucial 8000-mark to
touch a low of 7995 before settling 15 points down at 8050.
Nifty closed
below the 8100 for the first time in the last four weeks as the bears tightened
their grip. 8080-8100 is now the immediate resistance and a level that must be
taken out if the bulls have to regain strength. The next supply zone is around 8130
and then 8150 level which must be crossed decisively for any semblance of
bullishness at this stage. On the lower side, 8025 is the immediate support but
the critical support at this juncture is around 7985 and fresh downside
momentum will be seen if this level is decisively breached.
RESISTANCE; 8080, 8100, 8130
SUPPORT; 8025, 7995, 7970
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