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Support around 14930

Sunday, July 29, 2007

The Sensex is likely to continue the downslide with near support around 14,930 levels, below which the index may slip to 14,650, and eventually test its major support at 13,800.

The index, last week, after a solid start zoomed to a fresh all-time intra-day high of 15,869, but heavy selling on Friday saw the index tumble to a low of 15,160 - down 709 points from the peak. The Sensex eventually broke its six-week rally and finished with a loss of 331 points at 15,234.

This week, the Sensex is likely to face resistance around 15,505-15,590-15,675, while the index may find support around 14,960-14,880-14,795.

The Nifty, which, zoomed to a fresh high of 4,648, witnessed a steep fall and touched a low of 4,424 - down 224 points from the all-time high. The index finally ended with a loss of 121 points at 4,445.

The Nifty is close to its short-term support of 4,420. If this support level holds, then the index may attempt a small pull-back up to 4,480. However, a break of 4,420, could see the index test the support zone of 4,285-4,320 in the coming days.

This week, the index is likely to find support around 4,360-4,335-4,305, while on the upside the index may face resistance around 4,530-4,550-4,585.

The CNX 100, tumbled 124 points to 4,357 and may find support around 4,250, while on the upside the index is likely to face resistance around 4,400-4,440.

The CNXIT, which dropped 100 points last week, is likely to find support around the 5,000-level. The index, real test would come around 4,935 level which would be crucial for the future trend.

Posted by FR at 11:34 PM  


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