6 May 2014

SEE-SAW NIFTY

"Sell Nifty Future Below 6740 Tgt 6710/6680/6650 Sl 6770 "
NIFTY FUTURE OUTLOOK FOR WEDNESDAY 07 MAY 2014 
On Tuesday the market was bullish in early trade. Today Nifty future hit highest level of 6774 .Our market has turned quite listless after the wide-ranging day on Apr 30.The index is now engaged in a see-saw movement failing to hold on to its intraday gains much. On the contrary, some stocks are continually under attack. today nifty started by 6757 made a high of 6774 and low of 6726 and closed to the level of 6746.Total nifty played 57 points throughout the day. For tomorrow we expecting uptrend in the market  the nifty will touch the level of 6780.. On the other hand,if any fall to levels below 6650 would signal more weakness in the short run.
We tend to think, this index will rally sooner than later since it selling enthusiasm has diminished considerably in the recent past following the wide ranging day  hence, our optimism.In the bank nifty the range between 12861 and 12897 has taken a big job on its shoulders either the index moves up while clearing the barrier at 12895 or it falls and takes out 12860 to move further down.
RESISTANCE: 6,765, 6,785, 6,815
SUPPORT:  6,750, 6,730, 6,710

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