See-saw movement was there in the market today. After gaining
for two consecutive trading sessions, the market closed lower on Friday. The
sensex & nifty dropped in the morning trade on Friday on profit-booking by
participants as the August derivatives series began on a negative note.
The Sensex ended with a gain of 184 points at 28209. The Sensex opened at 28109
touched an intra-day high of 28240 and low of 28065. The Nifty closed with a
gain of 51 points at 8666. The Nifty opened at 8637 hitting a high of 8674 and
low of 8625.
Profit booking was seen after the recent rally
in the markets was on hopes of the passage of the crucial GST Bill. Markets are
likely to trend sideways till the GST Bill is cleared. Key resistance at 8700 will strengthen the
bullish momentum. In that case, the contract can rally to the 8730 and 8750
band. But the inability to move beyond 8625 will keep the index under selling
pressure. A decisive fall below 8600 can pull the contract down to 8580 and
then to 8550 levels. The next key supports are at 8530 and 8500 levels.
Supports: 8630 and 8580
Resistances: 8680 and 8720
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