19 May 2014

NIFTY FUTURE OUTLOOK FOR TUESDAY 20-05-2014

CALL FOR TOMORROW :-
"Buy DLF 200 Call @2.65 Tgt 3.80/4.90 Sl 1.20"
NIFTY FUTURE OUTLOOK FOR TOMORROW 
After the election results of Friday, Indian stocks edged higher today with the market sentiment boosted by Narendra Modi's comments in his victory speeches in Gujarat on Friday, 16 May 2014, where he stressed on the country's development and good governance. Sensex and nifty future attained record closing high. Today sensex opened at 24340. And closed at 24363 points, a rise of 241 points throughout the day.And nifty future today opened at 7244 made a high of 7323 and low of 7216 and closed at the level of 7279. Today 107 points was played by nifty throughout the day.
The last Friday was marked by high volatility and the indices closed in the bottom quartile of the day’s range. In fact, the Nifty even filled up the morning gap, and at one point in late afternoon it was threatening to move into negative territory. It was a day of record volume. Hence, we tend to think we have seen an intermediate top in the last session. While we do not rule out another attempt at a rally bit we would strongly suggest booking profits in all speculative long positions on any rally and if it fails to sustain above 7250 then you can even consider short selling this market.
Now for Tuesday we are expecting that market will be in the uptrend .. the new level of nifty will be 7290-7320 and if any downfall then 7260-7240 will be proved as very good supporting levels..Nifty is hinting that the market, in all likelihood, is all set to get into a corrective swing.
while the market that may not be too strong for the banking sector unlike others. today bank nifty opened at 15117 made a high of 15980 and low of 15108 and closed at the level of 15296.total 872 points throughout the day. The Bank Nifty is vulnerable to fresh selling pressure. Thus, sell on rallies-either you book profits or take short positions-would be the most sensible approach in the near term.
zone. The upward target for this move would be 7242.
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RESISTANCE: 7290, 7320, 7350
SUPPORT:  7260, 7230, 7200

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