5 June 2014

NIFTY FUTURE OUTLOOK FOR FRIDAY 06-JUNE-2014

In yesterday’s session the nifty traded in a narrow range of a little over 40 points during the last session and finished losing just 13 points. But today too much volatility was witnessed in the market. Market re-gained positive terrain after slipping into the red. The Sensex regained positive terrain in early afternoon trade.  The Sensex moved past the level of 25,000. Today’s opening of nifty future was at 7413 made a high of 7498 and low of 7376 and closed at 7486.total in a range of 122 points was nifty moved throughout the day. Overall health of the market is strong the market will move towards upside in the next session also.  Now for tomorrow the target for nifty will be the level 7440-7500.nifty will move in a range of these levels and if any downfall will take place in the market then 7400 will be proved as a very good supporting level for nifty.
Today the rise in the Bank Nifty halted at the level of 15397, the days high had been 15396 thus, the doorstep to 15400 mark proved too much of a hurdle for the index while the sector posted a much better performance compared to the broad market. Today, the same critical level reading has come down to 15350 if the index were to take out this level successfully, we would see the Bank Nifty could well be showing much better strength. However, if by any chance it were to fall below the support area between 15300 and 15250 then the whole scenario changes from one of strength to one of weakness.
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RESISTANCE: 7480, 7500, 7520
SUPPORT:  7460, 7440, 7420

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