Market slumped in the week just gone by in line with slide in global stocks as a recent sharp drop in global crude oil prices heightened fears about receding global growth.
The Sensex and the Nifty dropped in four out of five trading sessions in the week ended 11 December 2015.The Nifty lost 171.45 points or 2.2% to settle at 7,610.45.
On Nifty weekly chart strong support is seen at 7625. If it breaks with high volume, more bearishness is expected.
Weekly Nifty Future Trading Calls :
BUY VOLTAS FUTURE ABOVE 295 TARGETS 298 , 301 304 STOPLOSS 289
SELL RELIANCE FUTURE BELOW 390 TARGETS 385 , 380 375 STOPLOSS 400
SELL UNIONBANK FUTURE BELOW 144 TARGETS 141 , 138 135 STOPLOSS 150
SELL AXISBANK FUTURE BELOW 439 TARGETS 435 , 431 427 STOPLOSS 447