Nifty Movement for tomorrow, 7 August 2013, BANKNIFTY, Support & Resistance
Today the markets closed with significant declines today with
METAL, REALITY and BANKS being the biggest loser. The Sensex closed at 18733.04,
down 349.22 points from its previous close, and the Nifty closed at 5542.25,
down 143.15 points. The CNX Midcap index was down 2.46% while
the Smallcap index lost 2.66%. The market breadth was negative with
advances at 276 against declines of 922 on the NSE.
Benchmark Index Nifty will open slightly negative, support at
5501-5467 and resistance at 5624. Bearish mood will active only below 5501 and below
5491 may be it can create panic in Indian markets. High volatility will expect
and nifty will trade in broader range. For risky trader suggested to go short
if market will give flat or positive opening with stop loss of 5625.
Our outlook is negative for short term and advice to go short
on higher level
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