3 December 2014

NIFTY OUTLOOK FOR THURSDAY 04-DEC-2014

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A divergent trend was witnessed on Wednesday, the Sensex, registered marginal losses whereas Nifty registered small gains. The nifty was alternately swung between positive and negative zone in intraday trade. Yet, the overall movement of market during the trading session was within a relatively narrow range. Nifty started at 8528 made a high of 8546 and low of 8508 and closed at 8537, total 38 points was moved by nifty throughout the day.
The index closes below 8550. What we need to watch out for tomorrow is its ability to hold above the 8535 level if there were to be any fresh weakness in tomorrow’s session then Staying above 8555 would mean getting some gumption back, and if it were to stay above 8580 then that would be the first sign of strength. On the downside, below the 8500 level strong support exists between 8465 and 8435 levels. Major support, of course, remains between 8400 and 8350.
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RESISTANCE: 8570, 8600, 8630
SUPPORT:  8540, 8510, 8680

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