Monday, August 24, 2015

Opening: Traders are gonna take a blood Bath: Nifty 8055 (-244)

If you are heart patient, i would recommend not to call up your broker atleast for today. We are witnessing a gap down opening near to psychological support of 8000 and i expect it should hold this expiry i.e., this week. On the derivative side 7900 as strong support for this August expiry and we expect a bounce back to 8300 levels. Global market indexes too has breached 200 day average support which is a sign that we are entering a medium term correction mode. Overall we dont have much on domestic news front but we are reacting to global sell-off and we have also entered correction mode. I would recommend not take ANY news position today. Just WAIT n WATCH. Nifty R-8220,8285 S-8030,7980 

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