NIFTY OUTLOOK FOR FRIDAY 09-MAY-2014

Yesterday LT future CALL achieved first target......!!!!!!

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Market was completely in the see- saw form. Today very much volatility was seen in the market. in morning session market having initial gain with the opening of 6720 level..then in the afternoon session it get down then again it rises up made a high of 6720 and low of 6661 and at end of the session it stopped at the level of 6680. Today nifty played 59 points throughout the day.For tomorrow we are expecting that The level of 6650 is seriously under threat unless buying resurfaces soon enough to save the day for the bulls. For Friday bulls will try to give a big fight to bears for the level of 6700-6730. At the other side 6660-6630 will be proved as very good supporting levels. if the market were to turnaround then the index must take out 6700 through 6730 supply zone else things would turn quite problematic for the bulls. Advised to trader that just to take minimum  position.

If selling pressure were to push the index down below the immediate support area between 6652 and 6643 is breached then the next significant support at 6619 through 6617 would also be under threat.

However, any decisive breach of 6617 would be very negative for the Nifty since will lead to a test of the most critical support area between 6567 and 6548. If the bullish hopes to remain alive and kicking 6548 should not be breached on closing basis. Now, if the market were to turnaround then the index must take out 6716 through 6743 supply zone else things would turn quite problematic for the bulls.
In the bank nifty the index out of the populating 12 banks, six of them led by the SBI showed good recovery including the downgraded.. the Bank Nifty might well lead the recovery in the market if there were to be one. The critical support area for the index is located between 12840 and 12790 only if this range gets taken out we should be a bit wary else any dip within the zone could well see bank bulls taking fresh positions. As we said yesterday, the Bank Nifty must take to inject some fresh upward momentum.

RESISTANCE: 6,700, 6,730, 6,760

SUPPORT:  6,670, 6,640, 6,610