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Sensex has resistance at 8620-8730: Nirmal Bang

Posted on: March 4th, 2009 and is filed under Brokerage Recommendations.

According to Nirmal Bang’s report, the Sensex has support at 8290-8070-7740 and resistance at 8620-8730-8850.

Nirmal Bang’s report:

The spot Nifty at last broke the last support point of 2,660 and ended lower below the Dec 03 close of 2,656. The trend was already down and the last hope was that any how the bulls will manage to hold the level of 2,660]2,700 on the closing basis but was unsuccessful as the FIIs continue to remain seller and the global scenario is also not supportive.

The markets are in the midst of forming a temporary bottom as most of the global markets are near to their oversold region and nifty in the region of 2,510]2,410 might create an opportunity to buy from an investment view. In the last three sessions we havenft see any short]covering happening due to weak global cues and rupee weakening.

The markets are already down more than 11% since interim budget but the price correction witnessed is too high. Going forward we donft see major up move until world markets stable and FIIs view turn positive. The best trading strategy is to sell on rise and look to buy in the region of 2,510]2,410. Our strong believe is that these two levels should act as a major support for the entire March series. And on the higher side 2,745 will act as strong hurdle, stability above this can bring more momentum on the upside.

The Sensex has support at 8290-8070-7740 and resistance at 8620-8730-8850.

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