30-share BSE Sensex lost 91.69 points to close on 32,941.87. Nifty too closed below the psychological mark of 10,200, losing 38.35 points, settling on 10,186.60. Inflation at the wholesale level raced to a six-month high of 3.59% in October, fuelled by food articles, data released showed. Retail or consumer price index-based inflation, which came in on Monday, had jumped to a seven-month high of 3.58% in October.Larsen & Toubro (NS:LART), PowerGrid and Infratel were the major losers while Hero MotoCorp (NS:HROM), Axis Bank and Bajaj Auto (NS:BAJA) gained the most.
Down Bollinger band of the fresh sales pro move is opening below 10190 in Nifty which can be considered as near support. It is likely to found accidental update pro move with short covering in the decline of above 10190 in Nifty when quick low level can be seen up to 10127 by breaking nearest down Bollinger band with heavy volume and being close below it. Long to meddium term technical indicators are still trading into the heavy overbought phase where it coming out from the phase after heavy selling registered in very short period but, entering in the highly overbought zone on slow reform agian which shows heavy depression will found in next time also. Technically; nifty makes inverted and discending scallops pattern on weekly chart which gives signal for remaining profitable selling below near resistance 10419 and 10480 from the high. A quick above target can be seen up to 10480 by crossing 10419 and giving close on it.
According to Japanese candle stick and Renko analysis; we are looking 400 to 900 points of movement in Nifty and Bank nifty from the crucial level and the accurate recommendation will provide to our members. Keep in mind 25029 and 24700 as near support when 25509 and 25767 as near resistance in Bank nifty.Sell nifty at high for target 10127 with closing basis stop loss 10280.
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