14 October 2014

NIFTY OUTLOOK FOR THURSDAY 16-OCT-2014

The benchmark Sensex today washed out initial gains and ended nearly 35 points down at 26,349 on selling in realty, IT, consumer durable shares amid investors adopting caution ahead of key state elections.  Nifty also moved down by 20 points to end at 7,864. A late short-covering rally in the market changed the picture for the Nifty. While we did anticipate a short covering rally but never thought it to be so powerful.
However, it is a short covering rally for we saw large scale reduction in open interest in not just the Nifty or the sensex but in a number of pivotal counters. Chances are this short covering rally might well continue on Thursday also , Or If any recovery will take place then nifty have To remain bullish the index needs to stay above 7890 – 7935 range; any failure to do so would invite bull liquidation and some short selling as well.
Both the stock exchanges, BSE and NSE will remain closed tomorrow on the account of voting for assembly polls in Maharashtra. 
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RESISTANCE: 7890, 7920, 7950
SUPPORT:  7860, 7830, 7800


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