Nifty has broken vital support base of 4750 to 4800 today & also made closing below it. As we had already mentioned in our previous reports that the down trend could be continue in market & we could see the level of 4700, so today it happened. Now we could see the major support base around the level of 4650. If nifty breaks this level & closes below, it could reach to the level of 4500. We recommend that traders should go for sell on Nifty future around 4750 level...
Nifty next support 4570
The Indian markets seemed to be in a hurry to prove the
proponents of decoupling wrong yet again. Signifying the extent
of market integration, the domestic bourses danced to the
global tunes yet again. The US markets had sold off overnight
and the Asian markets were reeling under selling pressure--
enough to send our markets hurtling down an abyss of sorts.
The Sensex closed at 15,791, weaker by 434 points and the Nifty
ended at 4,714, down 130 points. At its intra-day low of 15725, the benchmark was down
almost 10% in this calendar year till date. Not to be left behind, the mid-cap and small-cap
indices shed about 3% each.The rise in initial jobless claims in the US, credit default concerns in
Greece, Portugal and Spain, and a crash in commodity and energy prices took a toll on the
global indices. The Dow Jones was precariously perched above the 10k mark at 10,002, weaker
by 268 points and the Nasdaq closed lower by 65 points at 2125. The contagion spread across
Asia, with the Hang Seng and Nikkei shedding around 3% each. And the European markets have
shaved off around 1-2% in early hours of trade.
Bombay Stock Exchange’s Sensex ended the day at 15790.93, down 434.02 points or 2.68 per
cent. The index fell to touch an intraday low of 15725.43. National Stock Exchange’s Nifty ended
at 4718.65, down 126.70 points or 2.61 per cent. The index fell below the psychological support
of 4700 to touch an intraday low of 4692.35.
Amongst the sectoral indices, BSE Realty Index was down 4.36 per cent, BSE Metal Index fell
4.26 per cent and BSE PSU Index slipped 3.52 per cent. Biggest Sensex losers were Hindalco
Industries (-5.51%), Tata Steel (-4.65%), ONGC (-4.54%), Jaiprakash Associates (-4.46%) and
Mahindra & Mahindra (-3.93%). Tata Power (0.80%) was the lone index gainer. Market breadth
was negative on the BSE with 2368 declines and 487 advances.
Index S2 S1 PIVOT R1 R2
Sensex 15561 15893 16058 16390 16555
Nifty 4656 4687 4724 4755 4792
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