Intraday Trend-12/06/2013

Markets opened near their support levels and within no time showed free fall below major support levels and remained on lower levels for the whole session. Nifty future after surpassing its 50% retracement of 5850 dragged towards the next immediate support of 5790 and closed below 200 day SMA. This bearishness may continue if it holds below 61.8% retracement of 5770. Major support range is seen around 5750-5710. While 5850 will act as strict resistance for it.

TREND: SIDEWAYS

SUPPORT: 5750 & 5710

RESISTANCE: 5850 & 5910

Major Market News:

  • BSE Sensex, Nifty end 1.5% down; Jindal Steel dips 16%.
  • Asian shares hit 2013 lows;Nikkei slides as BoJ disappoints.
  • Lanco Infra to refinance Rs 25k crore debt.
  • JSPL plunges on CBI FIR in coal scam.
  • Vedanta raises Rs 9,500 cr via bond issue.

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