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The market retreated badly in early trade Wednesday following weakness on Wall Street and volatility in China despite rate cut by People's Bank of China. The Sensex fell 337.22 points or 1.30 percent to 25695.16 and the Nifty lost 87.65 points or 1.11 percent to 7793.05. About 246 shares have advanced, 661 shares declined, and 35 shares are unchanged on the BSE. Vedanta, BHEL, Tata Motors, Hero Motocorp, Infosys and HCL Tech fell 2.5-3.6 percent. However, Wipro, Tata Power and Asian Paints gained more than half a percent.

Nifty Support & Resistance Level

NIFTY TREND: BEARISH

NIFTY SPOT LEVELS

SUPP 1: 7810

SUPP 2: 7670

RES 1: 7985

RES 2: 8115

Sensex down over 300 points; Nifty trades near 7,800

The S&P BSE Sensex slipped over 300 points in trade on Wednesday, led by losses in ICICI Bank, ITC, Tata Motors, HDFC Bank and RIL.
The 50-share Nifty index plunged below its crucial psychological support level of 7800, weighed down by losses in Pharma, IT, auto, banks, metal and power stocks.
Vedanta slashed over 4%, Tata Motors 2%, while IOC was down nearly 2%.

 Indian Rupee Update 

The Indian rupee has opened lower by 12 paise at 66.22 per dollar on Wednesday against previous close of 66.10.He expects the USD-INR pair to trade in the 65.50-66.50/dollar range in the short term.

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