25 October 2014

NIFTY OUTLOOK FOR MONDAY 27-OCTOBER-2014

The first trading session of Samvat 2071 concluded on a positive note on Thursday the Sensex rising over 63 points and the Nifty regaining the 8000 level, extending gains for the fifth straight session. The Sensex, which had surged 787 points in the past four sessions, gathered another 63 points to close at 26851. Nifty rose 18 points to end at 8014 after hitting a high of 8031 and a low of 8008 during the special session. Early gains were trimmed as some investors booked profits to open their books with gains on the first, special Muhurat session of Hindu Samvat 2071 year. Investors and funds were seen in a cheerful mood and picked front-runner shares as well as midcap and smallcap stocks to mark the beginning of their new accounts, they added.
As nifty reclaimed 8000 peak now on Monday we might see the nifty testing 8030–8065 levels. The rally in the Muhurat session was led by stocks of oil and gas, consumer durables, capital goods, realty, metal and banking. It looks as if we are headed for better times. Once nifty get past 8065 decisively, the next target levels are 8090 and then the zone between 8115 and 8140. On the downside, unless the index falls below 7955-7920 decisively in next session, the bulls would be on the driver’s seat.
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RESISTANCE: 8020, 8050, 8080
SUPPORT:  7990, 7960, 7930

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