Tuesday, January 06, 2015

Support @ 8098 & 8020

Dear All,

>>> click the chart to see on full screen <<<

The Nifty ended at 8127, down 251.05 points or 3 per cent. It touched a high of 8327.85 and a low of 8111.35 in trade today.

So below are the reason behind this worst fall.

1) Oil prices slumped to new 5-1/2-year lows on Monday on worries about a surplus of global supplies and lacklustre demand.

2) India's HSBC PMI for services was down to 51.1 points in December against 52.6 points in November.

3) Globally traders also turned risk averse over apprehensions of Greece defaulting on its loans and losing its status as a Euro zone country which became more pronounced with the leftist Syriza party, committed to roll back austerity measures, emerging as the front-runner for the January 25 election

It was a free fall or call it as a blood bath day. Now 8098, 8046 and 8020 should support nifty. Lets Wait and See.