17 September 2013

NIFTY OUTLOOK FOR TOMORROW

While the market had huge momentum to open with a large gap, it did not have it enough to end the day securing the gains it closed even 10 points lower despite moving up by more than 100 points from the previous close of 5850. It appears that a corrective swing is in order here the vertical rise needs to get corrected before this short term uptrend morphs into a sustainable intermediate uptrend....

Immediately, the resistance zone would be seen between 5850 and 5870. Unless this range is taken out firmly we may see fresh selling to push the Nifty down again. Below 5835, you can expect support to come in between 5780 and 5750.
RESISTANCE:5850, 5930,5980
SUPPORT:     5840, 5780,5750

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