9 June 2014

NIFTY FUTURE OUTLOOK FOR TUESDAY 10-JUNE-2014

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Today volatility was witnessed in the Market. Nifty too shows good buoyancy at the opening. Today after a gap up opening of 7631 nifty futures extended its gains and registered an intra-day high at 7,689 levels. Thereafter, it started witnessing some selling pressure and gave away some of its intra-day gains and touched the lowest level of 7624.and at last closed at the level of 7669 total 64 points was played by nifty future today. Now for tomorrow nifty future remains bullish as long as it holds above 7,630 levels. For tomorrow it will oscillate between 7650-however, a fall below 7,624 can negate this view and pull Nifty futures down to 7,600 and then to 7,580 levels.
The Bank Nifty shows considerable bullishness, it has the power to lift the Nifty to even greater heights. Now, the range between 15500 and 15400 is, most likely, going to act as a strong support zone for the bank nifty. If bank nifty were to sustain above 15742, its earlier high then it could well see 16100 – 16400 kind of price levels shortly. The only problem is that it should not now fall below 15400 in any correction. For the day, the range between 15410 through 15335 would be a strong support area. Only a close below this range would negate the current bullishness that its end-of-day chart is showing.
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RESISTANCE: 7670, 7690, 7710

SUPPORT:  7550, 7530, 7510

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