1 December 2014

NIFTY OUTLOOK FOR TOMORROW 02-DEC-2014

SSLT & AXIS BANK Calls given in last post rocks...!!! Achieved all the targets

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Nifty fell for the first time in four sessions today, Index cracked in second half of the trading session on Monday, as traders preferred to book profits ahead of Reserve Bank of India's policy meet on Tuesday. Nifty ended at 8,555, down 32 points. It hit all-time high of 8623 and a low of 8545 in trade today.
It looks as if the market is anticipating some positive news from the RBI when it announces it monetary policy review tomorrow. Any serious downside correction can only happen in the wake of the policy review announcement to be made by the central bank tomorrow morning. The range between 8560 and 8605 is the potential strong supply zone for tomorrow, Unless the index takes it out convincingly it is unlikely to sustain at higher levels and would suffer selling pressure due to profit taking. In case, there were to be any sharp sell-off it is likely to get strong support around 8520 unless this is pierced on high volume activity the bulls would not suffer any major dissipation in strength in fact, they might use dips to press buy again.

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RESISTANCE: 8590, 8620, 8650

SUPPORT:  8560, 8530, 8500

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