1 February 2014

NIFTY RANGE BOUND TODAY BUT EXPECTED GAP UP OPENING ON MONDAY

NIFTY OUTLOOK FOR MONDAY
The SGX Feb Nifty has closed at 6130. Nifty started at 6082, made  a high of 6091 and a low of 6071 . Nifty moved in a range of 30 points throughout the day. We are likely to see a strong opening  Monday . In fact, the end-of day bar chart pattern seems to suggest still there are enough buyers to support the market close to the 6000-mark for the Nifty thus, it would not be that easy for the bears to push the market down at one go. We, however, need to see the index staying above the most critical levels between 6090 and 6110  during the session....
In any case, we would really have some confidence for a better next week only if we see the Nifty getting past 6140 – 6160 range closing there.
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RESISTANCE:6090, 6130,6160

SUPPORT:     6070, 6050,6030

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