GO SHORT IN NIFTY AT 9910 WITH A STOP-LOSS AT 9950

The Sensex on Tuesday dropped 27 points to end at nearly one-month low of 31,599, extending its losing streak for the sixth day. Nifty settled lower by 1 point, or 0.01%, at 9,871. During the session, it moved between 9,891 and 9,813. nifty trimmed most of its intraday losses to end flat with Nifty reclaiming its crucial 9,850 mark ahead of derivatives expiry of September series due on Thursday. Sensex closed lower by 26 points, or 0.08%, to 31,599, while Nifty edged down 1.10 points, or 0.01%, to 9,871.

                                  Technically, Short-term traders can make use of bounces to go short at 9910-9915. Stop-loss can be placed at 9950 for the target of 9850/9830. The downside pressure will ease only if the nifty futures  manages to break 9925 decisively. But such a strong bounce looks less probable at the moment. Once Nifty breaches levels of 9830, it would head towards 9800/9770 levels in upcoming sessions. The support for the Nifty is 9825-9800-9780-9760-9730 and the resistance to the up move is at 9910-9930-9955-9980-10000 levels.

DAILY CHART FOR NIFTY