5 November 2014

NIFTY OUTLOOK FOR FRIDAY 07-NOVEMBER-2014

IFCI 40 Call rocks….!!! Achieved all the target 
Total profit 10,800
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The Nifty extended its winning streak for sixth consecutive session and closed at an all time high as inflows continued on hopes of pick-up in economic growth in coming quarters. Today nifty started at 8351 made a high of 8365 and low of 8323 and closed at 8338, total 42 points was moved by nifty throughout the day. You may call it a pause or you may call it a speed-breaker or whatever you will the end of day chart candlestick pattern is a bearish hangman at the top normally, this ushers in a correction even if it lasts for a few days.
In such a truncated week, bulls might not be carrying the large long positions they have created during last week and might well resort to profit taking. In such a situation, the range between 8365 and 8395, for Friday, might act like a supply zone. Thus, crossing this zone would be quite important for the bulls and if they do not show much enthusiasm then expect profit taking to begin any time during the trading session. However, even though there is this possibility of profit taking but the index could well see an opening above 8334 level and the index could go even higher initially. The 8320-8375 levels would act as supporting levels for nifty on Friday.
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RESISTANCE: 8350, 8400, 8450
SUPPORT:  8285, 8235, 8185

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