Support for Nifty at 2700/2680: Kotak Securities

MUMBAI: Indian indices were under pressure following weakness in global markets and benchmarks were near their intra-day support levels. According to a technical report by Kotak Securities if Nifty remains breaks 2750 in first half of the day, it may fall lower to find support at 2700/2680.

���It was most surprising on Thursday that the world wide market activity narrowed down drastically. Are they waiting for any significant outcome? The answer may be yes because the charts are hinting the same to us. Even though the market was quiet through out the day as per formation one can clearly conclude that except technology sector, rest other sectors remained under distribution phase. The IT sector bucked the trend may be on the back of further depreciation of Rupee.

For the day again the market may attract support around 2750 and resistance around 2810 levels. In case markets breaks 2750 in the first half of the trading session then the levels of 2700/2680 may act as a next best support for the market. However, sustenance of the market above 2750 till second half may lift the market to 2860 levels with a major hurdle at 2810,��� said Kotak Securities report.