29 October 2014

NIFTY OUTLOOK FOR 30-OCT-2014

The Sensex rallied over 200 points in trade on Wednesday to surpass the level of 27000. Nifty index also managed to reclaim the level of 8050, supported by gains in realty, IT, FMCG and auto stocks. Today nifty opened at 8077 made a high of 8097 and low of 8052 and closed at 8090, total 42 points was moved by nifty throughout the day.
Market may remain volatile tomorrow also.The near month October 2014 derivatives contract will expire by Tomorrow.In all likelihood, we are going to see a gap up opening in tomorrow’s session also, and there the Nifty could just open above 8075 level aided by the
strong tailwinds from the international shores. Thursday, we need to keep a watch over the Nifty performance above this most critical level of 8075 if it manages to stay above this level then we might see the bulls building on their strength, new found momentum and directional strength could well take the Nifty beyond the 8100-level. In case of any profit taking, unless we see the index falling below 8030-8014 support area, the bulls need not worry so much; they might well continue to buy on those dips. On the way up, you may again see the range between 8127 and 8141 testing the mettle of the bulls quite severely for this was not decisively cleared even though we saw a high of 8160 on Sept 19.
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RESISTANCE: 8075, 8100, 8125
SUPPORT:  8050, 8025, 8000

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