Nifty looks bearish because bulls are not getting any support from Foreign Investors. They continue to sell aggressively in market. Bulls are putting up a fight and the fight would be considered over if Nifty slips below 4630. 4800 is now the clear resistance mark at which bulls have to work for further upward movement.
MARKET GOSSIPS
Market falls 4%. Nifty hits 2-year low of 4,639.10
- Metal, oil & gas and banking were the biggest losers.
- FIIs sell over Rs 6,500 cr in 8 days; airline, retail stocks shine.
- Cabinet allowed foreign entities to own up to 51% stake in multi-brand retail and raised foreign direct investment (FDI) in single-brand to 100%.
- Big retailers like Bharti, Videocon step on gas after FDI boost.
- BSE includes Gail India in Sensex.
- European stocks close firmer on reports there could be changes to the eurozone's planned permanent rescue mechanism.
Support & Resistance
CLOSE S2 S1 CRUCIAL POINT R1 R2
4711 4500 4630 4630 4800 4925
TECHNICAL VIEW
IF ONMOBILE GIVES CLOSING ABOVE 69 THEN BUY ONMOBILE FUT. ABOVE 71.50 TARGETS 80/85 SL 65.
