Support for Nifty seen at 7610-7580: SMC Global Securities

Written By Unknown on Jumat, 08 Agustus 2014 | 10.54

According to SMC Global Securities, support for Nifty is seen at 7610-7580 while resistance is seen at 7700-7730.

SMC Global Securities' Technical Report:

Yesterday though domestic markets started the day with positive moves but closed in negative zone erasing all its gains with the Sensex falling 76 points, and the Nifty losing 23 points. The losers of the days are Infosys, TCS, Hindalco Industries, Sesa Sterlite and Sun Pharma.
The market breadth indicating the overall health of the market was negative. In the foreign exchange market, the rupee edged higher against the dollar. European indices edged lower before the European Central Bank decides monetary policy.

Asian market too fell, as tensions mounted over Ukraine. Technically, Nifty would be trading in the positive zone as it is holding the 7600 levels. However, any breakdown can drag the indices upto 7440 levels.

Support for Nifty is seen at 7610-7580 while resistance is seen at 7700-7730.

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To read the full report click here


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