19 November 2014

NIFTY OUTLOOK FOR THURSDAY 20-NOV-2014


Today markets was moved in a very narrow range for most part of the trading session and corrected in last 90 minutes.The Nifty after scaling a new peak of 8,455 at the outset, beating previous record of 8,454 touched on Tuesday, fell. It ended below the 8,400 level to close with a loss of 43 points at 8,382.Today nifty opened at 8440 made a high of 8455 and made a low of 8360,total 95 points was moved by nifty through out the day.
For tomorrow we are expecting  some recovery in the market. For tomorrow, watch the levels between 8400 and 8375 for this range represents the most critical levels for the day if it will to get broken on high volume activity then we might be headed for a retest of 8353 through 8310 strong support area. One thing needs to be stated here is that so long as the Nifty does not decisively fall below 8310-mark, the bulls would not be that weakened. On the upside, unless the index gets past 8453 through 8480 major supply zone it would not show any significant gumption.

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RESISTANCE: 8400, 8450, 8500

SUPPORT:  8350, 8300, 8250

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