21 May 2014

NIFTY FUTURE OUTLOOK FOR 22-05-2014

CALL FOR THURSDAY 22-MAY-2014
"Buy IBrealest  Future Above 92 Tgt 93.90/94.90 Sl 90.50"
Today very much consolidation was witnessed by nifty. Nifty started at the level of 7265 made a high of 7316 and low of 7235 and closed at 7280.today nifty moved 81 points throughout the day. If you watch the movement of the Nifty and its intraday gyrations, you would surely feel that while the optimism surrounding the new unfettered government it is still running high yet there is unmistakable skepticism regarding the index holding itself at such high levels without going through substantial consolidation. This is what troubles the bears and applying the brakes on the bulls. From a time and price perspective, we develop a feeling that the price movement had been so sharp for a few days, time is now playing a catch up game-even if the market does not breakdown, and it is unlikely to move up in a big way either. Range bound price swings to continue.for tomorrow the level of 7300-7330 are expected at the other side 7270 proved as very good supporting level.
The pattern on the end of day for bank nifty is quite similar to the Nifty hence it hardly deserves any fresh elaboration. Bank nifty started with 15244 made a high of 15244 and low of 14931 and closed at the level of 15036.bak nifty played total 313 points throughout the day. All we suggest to you is to watch the index consolidates in the short run. When you are reasonably certain about the range within which prices are likely to oscillate. Our take is still moderately negative since we have yet not seen any worthwhile consolidation that would allow the second leg of the Bull Run.
Either on the long side or on the short side if at any movement a counter is not moving beyond an initial or interim target to the final target book profits. Once initial target is crossed, you can use that as your trailing stop-loss level.
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RESISTANCE: 7300, 7330, 7360
SUPPORT:  7270, 7240, 7210

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