The Nifty Support is Placed Around 8,750 and then at 8,700 levels

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*On Tuesday, NSE-NIFTY witnessed sharp decline post a stable opening and later spent entire session oscillating in narrow range. Finally, after registering high of 8,820 and low of 8,773 levels during the day, NIFTY shut the shop at 8,792 mark, with loss of 13 points.

* NSE Cash segment has reported turnover of Rs19,943 crore as compared to Rs19,893 crore earlier.

*Overall market breadth remained negative, where 552 stocks advanced against 1078 declined stocks.

* Mixed trend was witnessed amongst sectoral indices during the day, where none of the sectoral indices reported gain of more than even 0.5%, however on the other hand Auto index reported the highest loss (i.e. 1.5%).

NSE-NIFTY OUTLOOK

* NSE-NIFTY ended on neutral to negative note amidst lack of fresh market participation. As mentioned earlier, we believe that index is in strong up trend, as it hasn’t even breached 8,760 level-23.6% Fibonacci Retracement level of recent up-move (8,538-8,827) so far. 

However sideways movement or some profit booking cannot be ruled out in market before index resumes the up-trend and climbs higher levels of 8,900-8,950. On the lower side, 8,700 mark will continue to work as key reversal point, as any close below that mark, will trigger fresh selling pressure in market.

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