STOCK MARKET REVIEW
CNX Midcap index was down 1.78 % about while BSE small cap index also lost 3.08 %.The BSE sensex finally closed at 17,305 made low of 387 points or 2.2% over the previous close and the nifty closed at 5211 after making the 52 week low of 5116.
It had earlier touched a 52 week low of 16,990.
The initial exultation over the US debt deal gave way to concerns about the health of the global economy. Adding up concerns have also surfaced over the adverse implications of the large spending cuts in US.
Today’s Nifty Top gainers were:
BPCL with volume and changes 14,93,199 and 1.87 %
HINDALCO with volume and changes 1,15,05,554 and 1.52 %
ONGC with volume and changes 56,15,738 and 1.48 %
Today’s Nifty Top losers were:
RCOM with volume and changes 86, 55,662 and 6.66 %
RELINFRA with volume and changes 13,60,272 and 7.35 %
SESAGOA with volume and changes 41, 37,571 and 5.75 %.
Nifty can be expected to follow up trend. It seems to be vary between 5110-5310
SHARE TO PICKS:
JAIN IRRIGATION SYSTEM
JAIN IRRIGATION SYSTEM has seen trading within the range of 164 to 169 on Thursday. Expected levels for this script are as follow:
Resistance 1- 172
Resistance 2- 176
Support 1- 160
Support 2- 155
Bombay Dyeing
Bombay Dyeing has seen trading within the range of 322 to 335 on Wednesday. Expected levels for this script are as follow:
Resistance 1- 337
Resistance 2- 340
Support 1- 320
Support 2- 314
NIFTY SPOT LEVEL
The Nifty Index opened at 5,204.35 and finally closed at 5,211.25 rallying down 120.55 points (2.26%). The Nifty high and low of the day were 5,229.65 and 5,116.45 respectively.
The Nifty Futures made a down rally of 120.55 points or (2.26%) and finally settled at 5,211.25. The 30-share BSE Sensex was trading at 17,305.87 down 387.31 points.
The initial exultation over the US debt deal gave way to concerns about the health of the global economy. Adding up concerns have also surfaced over the adverse implications of the large spending cuts in US.
Market seems to be strongly trades between 5165-5255 in narrow perspective and in broad perspective it seems to be vary between 5110-5310
SUPPORT AND RESISTANCE:
The Support and Resistance Zone for Nifty Spot levels would be
Support 1: 5165 Support 2: 5110
Resistance 1: 5255 Resistance 2: 5310
BANK NIFTY FUTURES
Bank Nifty closed at 10354.50
Bank Nifty Futures seems to be strongly trades between 10430 –10640 is looking bearish in narrow perspective and in broad perspective it seems to be vary between 10300-10750.
SUPPORT AND RESISTANCE:
The Support and Resistance Zone for Bank Nifty Futures would be
Support 1: 10175 Support 2: 10040
Resistance 1: 10480 Resistance 2: 10600
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