9 October 2014

NIFTY OUTLOOK FOR TOMORROW 10-OCT-2014

Bullishness was witnessed in the market throughout the day.Market have made a strong recovery. Key indices held firm after opening with an upward gap mirroring positive Asian stocks. The sensex, and the Nifty, both, hit over one week high. Today nifty crossed the hurdle of 7950. The Nifty was up 112 points at 7,955. The index hit a high of 7,965 in intraday trade, its highest level since 1 October 2014. The index hit a low of 7,886 in intraday trade. Total 79 points was played by nifty throughout the day.
In overseas markets, European and Asian stocks rose today, 9 October 2014 as US Federal Reserve concerns over a global economic slowdown spurred bets that US interest rates will remain low. US stocks scored their biggest one-day gains of the year yesterday, 8 October 2014 after minutes of September Federal Open Market Committee meeting reaffirmed the central bank's intent to be prudent in raising interest rates. Today nifty closed at 7960. We are expecting that uptrend will be continued for tomorrow also. Tomorrow bulls will try to take nifty at level 8000 once if this level will be achieved then bulls will try to grab the level 8030-8050. For tomorrow 7090-7065 will act as a supporting level for nifty.
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RESISTANCE: 7950, 8000, 8050
SUPPORT:  7900, 7850, 7800

1 comment:

  1. West Texas Intermediate extended its slump into a bear market amid speculation that rising global oil supplies will be more than enough to meet slowing demand. London’s Brent traded at the lowest price since December 2010.
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