The
sensex ended the day at a near 3-month low of 31,159, down 439 points or 1.39
per cent, while nifty closed at 9,735.75, down 1.38 per cent or 135.75 points,
hitting its one-and-a-half month low level, as the Indian Army today
inflicted “heavy casualties” on NSCN(K) cadre during an operation along
the India-Myanmar border. Indices fell over 1% on Wednesday, losing for seventh
straight session after army conducted operation along India-Myanmar border.
NIFTY MOVED ON OUR WORDS ...... As yesterday we have
predicted that further downfall would be seen in the market and traders
should hold short positions . We have also predicted that downfall is open up
to 9730 levels for Nifty where its next support exists and exactly same
happened. Indian Stock Market fell down sharply and saw lows at 9718.25 for
Nifty near its support and unable to rebound from there. Finally, bulls
vanished from the market.
For tomorrow Short-term traders can make use
of bounces to go short at 9780-9800. Stop-loss can be placed at 9850 for the
target of 9720/9680. The downside pressure will ease only if the nifty
futures manages to break 9900 decisively. But such a strong bounce
looks less probable at the moment. The support for the Nifty is
9710-9680-9650-9630-9600 and the resistance to the up move is at
9790-9820-9860-9900-9920 levels.
DAILY CHART FOR NIFTY
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