Quotes with Resistance & Support

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Key levels: Sensex heading towards 8,435?

This article was posted on Feb 24, 2009 and is filed under Market Outlook

Negative global cues suggest a weak opening for our markets this morning.The Sensex is very likely to open below the monthly S1 (support 1) level of 8,725, hence the index may then very well test its quarterly support of 8,435 today or tomorrow.

The 8,435 level will be crucial not just for this week, for the next month as well. If the index is able to sustain above it, then the index may bounce back upto 9,635 atleast. However, if the index breaks 8,435, then the index is most likely to re-test its October lows.

Today, the NSE Nifty is likely to face resistance around 2,765-2,775-2,785, while support on the downside will be around 2,705-2,695-2,685.

source: Business-Standard

Tags: calls, daytrading, free calls, intraday, tips

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