14 November 2014


On week ended Friday Sensex and Nifty gained momentum to end at record closing highs. Sensex ended 106 points higher at 28,046 while Nifty rose 32 points to 8389. Nifty started at 8360 made a high of 8400 and low of 8346, total 54 points was moved by nifty throughout the day.
For Monday, we need to monitor the range between 8395 and 8455 for this would act as the most critical zone for the day. If this range were to be violated on the downside, the
weakness signs would magnify and a test of 8320 through 8280 support area could happen again. However, if the index does not sustain below the 8350-level, we may see another attempt at a bounce back. While that is entirely possible, it is quite likely that the market would face selling pressure again if it were to get past the 8400-mark in any buying spree.
Nifty remains in the 8200-8450 range and until 8330 levels are held on, the momentum is in favour of bulls. If Nifty breaks out above 8400 levels decisively the Nifty could see further 400-500 point gains.
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RESISTANCE: 8390, 8430, 8470
SUPPORT:  8350, 8310, 8270

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