Reacting from 61.8% :

Reflecting its global counterparts, Indian indices began the day on a weak note. After a brief rise towards noon,persistent selling activity led the indices fall steadily and end the day well in the red. Finally, Sensex and Nifty ended 152 and 32 points lower respectively. Stocks from the midcap and small-cap indices ended marginally higher. On the daily chart, Nifty has reacted in southwards direction from the resistance of 61.8% (of the entire fall from 3141 up to 2661). On downside a ray of hope is intact at 2877 (40-daily exponential moving average). Once Nifty closes below that it can slide all the way up to 2775.On the hourly chart, Nifty has closed below 20-hourly simple moving average, but still it has not given a breakout from the descending triangle. Daily KST is slowing around the zero line. Market breadth was marginally in the favour ofbulls.

On the hourly chart, the momentum indicator KST has gone below the zero line. Our short-term bias is revised down for the target of 2775 with reversal at 2960.However our mid-term bias is still down for the target of 2450 with reversal pegged at 3111.

Stocks from realty and auto sectors led the bill of gaining stocks, while information technology and energy stocks led the pack of losing stocks. From the 30 stocks of Sensex M&M (up 7%) and DLF (up 4%) led the pack of gainers, whereas Jaiprakash Associates (down 5%), Ranbaxy Laboratories (down 4%) and Bharti Airtel(down 3.5%) ledthe pack of losers.

(Disclaimer: The above chart shown is for study purpose only and not for trading decision)

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