Bearish momentum likely to continue

Further downsides are likely once the immediate support of 10,881 is broken. Any pullback rallies could find resistance at 11,077-11,108.' Mustafa Nadeem, CEO, Epic Research said, "The volatility is very high at the moment and we may see some reduction in that going forward. Hence at this point in time, we may see some consolidation while the bearish momentum may continue. The market has breached its all-important moving averages which are decisive for a trend. 'The most important support for the market is at 10,900 where it is having its long term support trend line. Breach of that may take Nifty to 10,600 - 10,200 while if it sustains the 10,900 we may see a pullback to 11,150 - 11,200.' Market View Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas said, "Foreign portfolio investors(FPI's) who brought in good inflows in the last few years have turned net sellers and pumped almost Rs16,000 core out of the markets post the change in tax rules. However domestic institutional investors (DII) have been net buyers in July as they bought equities worth almost Rs 20,000 crore which shows there is still equity appetite among domestic investors at lower levels." DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Deccan Chroniclehttp://wiznotes.com/UserProfile/tabid/84/userId/242956/Default.aspx ailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Deccan Chroniclehttps://issuu.com/subgnehagee