23 April 2014

NIFTY OUTLOOK FOR 25-04-14 FRIDAY

Sell AXIS bank future below 1516 TG 1509,1498 SL 1525
Buy Tata steel  future above 428 TG 433,436 SL 424
NIFTY FUTURE OUTLOOK FOR TOMORROW
The stock market remains closed tomorrow, 24 April 2014, on account of Parliamentary elections in Mumbai constituency. The barometer index Sensex, and Nifty, both, hit record high on closing basis as well as on intraday basis The BJP in its Lok Sabha polls manifesto has promised more business-friendly policies if the party comes to power after elections  Nifty future   settle at 6,841 , a record closing high for the index. The index hit a high of 6,858 in intraday trade, a lifetime high for the index. The index hit a low of 6,824 in intraday trade. The stock market remains closed tomorrow, 24 April 2014, on account of Parliamentary elections in Mumbai constituency.....
Nifty  moved in a narrow range in positive zone in early afternoon trade. A bout of volatility was witnessed as key benchmark index  regained positive zone after reversing intraday gains in afternoon trade. Volatility continued in late trade as the key benchmark indices trimmed losses after hitting fresh intraday low . The index has closed just inside a very critical supply zone between 6820 and 6845 for the day. It needs to get past 6850  decisively in order to really show any further significant move. As we noted yesterday, even if we see the Nifty getting past 6840, we can’t be too sure of its going up unless it clears the range between 6850 and 6870  firmly with a lot of fresh position build-up and a high percentage of trades being marked for delivery.
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RESISTANCE: 6,830, 6,860, 6,880
SUPPORT:  6,820, 6,780, 6,750

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