17 October 2014

NIFTY OUTLOOK FOR MONDAY 20-OCT-2014

Buy Tatamotors Future Above 480 Tgt 483.90/486.50 Sl 476
Buy Tatasteel 420 Put @ 3.20 Tgt 4.90/6.70 Sl 1.20
Volatility was witnessed in the market today. Nifty rose on Friday and touched the 7800 mark, led by stocks of domestic oriented companies including lenders such as HDFC Bank on value buying and hopes a likely win for the BJP in two recent state elections would help push key reforms. The Sensex rose 109 points, to end at 26,108.The Nifty rose 31 points, to end at 7,779. Nifty opened at 7733 made a high of  7819 and low of 7723, total 96 points was moved by nifty throughout the day.
Market is expected to remain volatile in the upcoming holiday-truncated week, amid the state election outcome due on Sunday, ongoing July-September corporate results and global events such as China's quarterly GDP on Tuesday. A very good trading session we are expecting for Monday...The Nifty is vacillating near about 7775 level. Bulls will try to achieve the target of 7800-7830 once this levels is taken out convincingly, the chances will become bright for touching the level 7,900 while on lower side it has a strong and immediate support of 7750-7720.
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RESISTANCE: 7780, 7810, 7840

SUPPORT:  7750, 7720, 7690

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