17 November 2014

NIFTY OUTLOOK FOR 18-NOVEMBER-2014

The Nifty index managed to bounce back from its crucial  psychological support level of 8350, to hit its fresh lifetime high of 8438, supported by gains in autos, consumer durable, FMCG and power stocks. Today nifty started at 8378 made a high of 8438 and low of 8349 and closed at 8430, total 89 points was moved by nifty through out the day.
While the index has moved up in today’s session but it needs to sustain itself above the 8430 level  to show the first sign of fresh bullish momentum developing only when it crosses 8450 level and stay above that level then we would see real upward gumption again and next level to be monitored will be 8500-8530. Immediate support range for the Nifty lies between the levels of 8375 and 8353. Once the lower level of 8353 is decisively taken out we may see the index slipping further towards the 8320-mark.
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RESISTANCE: 8450, 8480, 8510
SUPPORT:  8420, 8390, 8360

1 comment:

  1. Thank you so much for the nifty tips. All your tips are quite useful.

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