5 August 2014

NIFTY OUTLOOK FOR TOMORROW 06-AUGUST-2014

Very volatile market was today. Market opened at 7734 made a high of 7788 and low of 7655 and closed at 7772, total 133 points was moved by nifty future. It has been a smart recovery; at least, the Nifty has managed to close above 7770. Now for tomorrow market will remain volatile with wild swing on either side. It needs to cross the levels of 7797 to retain the same bullish momentum. Now, the level of 7630 would be a key support level to watch out for. In case, in any profit taking, the index falls below 7680 and stays there expect selling pressure to mount again on the contrary staying above 7700 would pave the way for a minimum of 7720 – 7725 if not 7745 – 7760. Major support now, in this narrow range, then is located the levels between 7600 and 7550.
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RESISTANCE: 7765, 7800, 7835
SUPPORT:  7730, 7695, 7660

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