8 October 2014

NIFTY OUTLOOK FOR TOMORROW 09-OCTOBER-2014

Yesterday’s Tatasteel Call almost achieved 1st target..!!!
The Sensex ended a volatile session on flat-to-negative note as global markets remained under pressure on concerns of global economic growth. Today Nifty closed at 7842 down 9 points. It touched a high of 7869 and a low of 7815 in trade today. 
Further weakness is quite likely in tomorrow's session also. If the Nifty will fall below 7820 and sustain there then expect more selling to come. For any sustainable recovery wait till you see the Nifty taking out successfully the potential supply zone between 7890 and 7930 this is the bare minimum condition that the bulls need to meet so that we can see a sustainable recovery. Hence, any failed attempt in this regard would be very damaging for the market.
Now, we need to reiterate that our view for the market this month is negative: we are likely to see the Nifty falling further down this month: in our estimation, we are likely to see the nifty falling down to test 7800-7750 major support area while on the way there can be some pause in the downward movement between 7825 &7785. This bearish outlook can only be negated if the Nifty were to decisively take out 8100 through 8130 strong resistance.
More about intraday tips on Google +
RESISTANCE: 7850, 7900, 7950

SUPPORT:  7800, 7750, 7700

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