16 October 2014

NIFTY OUTLOOK FOR TOMORROW 17-OCT-2014

Weakness in the US markets pushed the Nifty index below its crucial psychological support level of 7800 and Sensex below 26000 on Thursday, led by a sell-off in European markets. The Nifty index plunged over 100 points in the last half-an-hour of trade, while the Sensex suffered losses of over 300 points in trade today. The Nifty ended at 7,748 down 115 points. It touched a high of 7,893 and a low of 7,729 in trade today. 
Market movement is slowly turning more and more negative and once it breaks 7700, then we might see a quick decline of about 100-120 points on the Nifty. Because of technical factors, market can crack further and the next level will be 7650-7500. Now only when 7790-7865 levels crossed decisively then only some buying will take place. 
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RESISTANCE: 7760, 7810, 7860
SUPPORT:  7710, 7660, 7610

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