Stock market weak; metals & banks drag |Tradenivesh Accurate Nifty Future tips

Selling pressure continues in the market as the Sensex is down 188.70 points or 0.8 percent at 24470.53. The Nifty is down 50.85 points or 0.7 percent at 7434.45. About 831 shares have advanced, 1177 shares declined, and 101 shares are unchanged.

GAIL, Maruti, HUL, M&M and ONGC are top gainers while Hindalco, HDFC, Tata Steel, SBI and ICICI Bank are losers in the Sensex. Laurence Balanco of CLSA says the Nifty's recent break above 7,257 resistance triggers the short-term bullish implication of a minor 12/29 February double-bottom pattern.

 This breakout supports an upside target of 7695, below major trend resistance at the 200-DMA and upper boundary of the March 2015-to-date downtrend channel at the 7,954-8,064 area, he adds.

 BUY TECH MAHINDRA FUTURE ABOVE 460 TG 462, 465, 468 SL 457,

SELL JUST DIAL FUTURE BELOW 586 TG 583, 579, 573 SL 591,

GET DAILY FREE SERVICE FILL FREE TRIAL FORM

Selling pressure continues in the market as the Sensex is down 188.70 points or 0.8 percent at 24470.53. The Nifty is down 50.85 points or 0.7 percent at 7434.45. About 831 shares have advanced, 1177 shares declined, and 101 shares are unchanged. GAIL, Maruti, HUL, M&M and ONGC are top gainers while Hindalco, HDFC, Tata Steel, SBI and ICICI Bank are losers in the Sensex. Laurence Balanco of CLSA says the Nifty's recent break above 7,257 resistance triggers the short-term bullish implication of a minor 12/29 February double-bottom pattern. This breakout supports an upside target of 7695, below major trend resistance at the 200-DMA and upper boundary of the March 2015-to-date downtrend channel at the 7,954-8,064 area, he adds.

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