28 November 2014

NIFTY OUTLOOK FOR MONDAY 1-DEC-2014

Sell SSLT Future below 232 Tgt 231.40/228 SL 235.40
Buy Axis Bank Future above 487 Tgt 489/491 Sl 483
Nifty continued their upward sprint for the third straight session on Friday; Nifty hit a record high today led by gains in lenders such as State Bank of India after the government said it would cut its stake in state-run banks. Nifty surging 94 points to 8588. Nifty closed 1 % higher at 8588 points, after hitting a record high of 8617 points earlier in the day.
The market itself is not offering any reliable clue as to what it does next. The only thing that remains is the fact that the bullish undertone remains yet some correction has to be there. For Monday, the range between 8520 and 8600 would act as a trend decider. Falling below 8520 on good volume, the index would start emitting ‘not all is well’ signal. However, so long as the index stays above 8600, the bullishness is going to continue.
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RESISTANCE: 8590, 8620, 8650

SUPPORT:  8560, 8530, 8500

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