29 May 2014

NIFTY FUTURE OUTLOOK FOR 30-MAY-2014

Today very range bound movement was there in nifty. The Nifty moved in a very narrow range of just 42 points in today’s session. Market suddenly dropped towards downside. Very bearish momentum witnessed in market today Nifty started at 7325 made a high of 7330 and low 7230 and closed at 7235. In fact, for most part of the day nifty was oscillating between 7320 and 7340. Sensex & Nifty both hit lowest closing level in nearly two weeks. The market sentiment was affected adversely by data showing that foreign funds were net sellers of Indian stocks on Wednesday, 28 May 2014. Some movement we are expecting in the market for tomorrow due to first trading session of June series. For tomorrow if nifty sustains 7240-7270 level. Then more uptrend can be witnessed .nifty will move between the range of this levels.
Bulls will try their best to take nifty above 7300. Definitely some profit booking also lies on cards which can take market back to its comfortable zone of 7300-7350. And for tomorrow 7200 will be proved as very good supporting level. Tomorrow Friday will be the first day of the June settlement.
Today bank nifty opened at 15179 made a high of 15273 and low of 15000 and closed 15030.now for tomorrow expected level for bank nifty will be 15100-15200 and if any downfall then 15000 will be proved as very good supporting level.
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RESISTANCE: 7240, 7270, 7310
SUPPORT:  7230, 7200,7170

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