Today market closed down 60.05 points or (-1.09%) and finally settled at 5,438.95 and sensex closed down -207.68 points or (-1.13) and finally settled at 18,137.35
Nifty closed and settled finally at 5499.00, down by 45.75 points. Earnings woes coupled with subsidy burden dragged markets even further towards the much hyped support level of 5350 mark on the Nifty. The first set of results after change of guard at the India’s largest lender SBI did not go down well with the bourses. Earlier in the day, speculative news broke that ONGC might have to shell out more money in terms of subsidy sharing.
Market will be very uncertain in upcoming trading session. If it manages to trade at Support level 5395 then market would be upward trend and if breaks this level then it would go down by 40 points i.e., 5345and if it’s does not sustain to this level then would decline by 45 points more .
Nifty Manages below this level 5475 then market would be downward trend and if it breaks then would go higher about 45 points that is 5535
Nifty gainers: Jindal Steel, HUL, Bajaj Auto, ITC and TCS were up 0.8-2%. Nifty losers: SBI, ONGC, SAIL, GAIL and Ranbaxy Labs were down 3-7%.
Resistance : It has First seen near to 5475 and above this level near to5535
Bank Nifty Index Lost 10654. It is looking Consolidate in upcoming trading session. If it copes to Support level 10505 then market would be upward trend and if it breaks this level then would go down by 130 points that is 10375 and if its does not sustain to this level then would decline by100 points more
If Bank Nifty manages below this level 10770 then market would be downward trend and if it breaks then would go higher up to 10930.
Support: It has first support near to the levels of 10505 and below this level near to 10375
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