15 May 2014

NIFTY FUTURE OUTLOOK FOR 16 MAY-2014

 On Thursday too much volatility was seen in the market due to election results. Absolutely flat closing after nearly 450-point gain in the prior three sessions since Call it a pause or whatever you will, there are signs of a bit of diminished enthusiasm however, compared to a negative closing that we were expecting this is definitely better. We need to see if it is a just a breather or is it a precursor to an eventual corrective swing. May be bulls are waiting for the actual outcome on the 16th before the final blast. Today market started with 7141 made a high of   7182 and low of 7111 and closed at the level of 7143.total 71 points throughout the day. For tomorrow due to Friday and election results we are expecting the level of 7180-7200.. if any downfall then 7100 will proved as a very good supporting level.
 Tomorrow Election results for the 16th Lok Sabha will be announced between 8 am and 5 pm, which could trigger some bit of volatility in the Nifty and the Sensex, while the numbers are being announced. . All this is now in the realm of conjecture though. Good to wait and watch or even better book some profits and take some money off the table... 
The Bank Nifty is making an effort to climb up beyond the strong supply zone between 14300 and 14400. However, as of now, either it is at best consolidating or at worst doing some distribution at the top. Thus, we suggest bit of caution and don’t be anguish.
RESISTANCE: 7170, 7190, 7240
SUPPORT:  7150, 7130, 7100

No comments:

Post a Comment