Sensex has support at 8300-8000: Karvy

According to Karvy Stock Broking's Technical Analysis report, on the higher side, 8800-9000/2650-2400 levels will continue to act as stiff resistance while the indices may find support around 8300-8000/2550-2500 levels for the day.

Karvy Stock Broking's Technical Analysis report:

Global indices are trading on an extremely negative note. Our indices are expected to open on a weak note with a gap down. We may witness further selling pressure around the indicated resistance levels which could be utilized to assume fresh speculative short positions. Hence, investors are advised to trade cautiously with strict stop losses. For the day we expect the index to witness severe selling pressure. However, any monetary action by the RBI could induce some amount of relief rally and the sustainability of the same has to be awaited. Speculative longs may be assumed if Nifty holds 2500 levels else trade short at every rise with a stop loss placed above 2650 levels. On the higher side, 8800-9000/2650-2400 levels will continue to act as stiff resistance while the indices may find support around 8300-8000/2550-2500 levels for the day.

To read the full report click on the attachment......