30 October 2014

NIFTY OUTLOOK FOR TOMORROW 31-OCTOBER-2014

Large scale short covering and major long position build up in the October series show that the bulls are back again on the driver’s seat .Today the Sensex rallied over 260 points to hit a fresh record high of 27388, after a flat start, led by gains in realty stocks, Infosys, TCS, HDFC and Dr Reddy's Laboratories. The Nifty rose 62 points to settle at 8090 level. The nifty started at 8085 hit a high of 8181 and low of 8085 in intra-day trade and closed at 8169. Total 96 points was moved by nifty throughout the day. 
Some directional movement we are expecting in the market for tomorrow. If nifty sustains 8170-8190 level, then more up trend will be there in the market. Nifty will move between the ranges 8147-8195.Market makes up its mind to take a directional call. Bulls will try their best to take nifty above 8200. Definitely some profit booking also lies on cards which can take market to new highs of 8200-8250. And for tomorrow 8110 will be proved as major supporting level. Hurdles will be 8120-8080 on the lower side an 8165-8188 on the upper side.
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RESISTANCE: 8175, 8200, 8225
SUPPORT:  8150, 8125, 8100

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