Markets halted the four day consecutive rally of the last four sessions on the first session of this week, mainly due to profit booking in most sectors such as Banks, Metals, Auto and selected Pharma stocks and finally made the indices to drop down around 1.5% closing in the red. Nifty future showed free fall after it breached the immediate support of 7700 and closed near the 100 day EMA on 7600. It needs to maintain above it to maintain strength. Intraday support is 7570.

TREND: SIDEWAYS:
SUPPORT : 7610 & 7570
RESISTANCE: 7710 & 7750

MARKET GOSSIPS:

  • Market snaps 4 days winning streak; Nifty tanks more than 1 pct ends below 7650.
  • Dr Reddy’s inks licensing pact with XenoPort; Stock ends on a flat note.
  • BHEL commissions 40 MW hydro power plant in West Bengal.
  • Natco Pharma shares tanks nearly 14 pct after USFDA inspection.
  • ONGC Board today approves the Field Development Plan.
  • Tata Motors soon to supply 619 vehicles to Indian Army.

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