16 December 2014

NIFTY OUTLOOK FOR TOMORROW 17-DEC-2014


Very bearish movement was there in the market today. The Nifty slipped below its 50-day moving average and breached 8052 level. The market has been witnessing sluggish sentiment for the past three sessions. Today nifty closed at 8067, below the crucial 8100 mark. It touched a high of 8189 and a low of 8052 in trade today, total 137 points was moved by nifty throughout the day.
As of today, the critical levels for tomorrow will be 8090 - 8065 on the downside, and 8130 – 8145 on the upside. If the index were to side below 8040 and stay there then we might be headed for a test of Nifty levels of 8000. In all likelihood, the Nifty is going to test levels around 8040. Any breakdown of this level would mean major weakness going forward.
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RESISTANCE: 8070, 8100, 8130
SUPPORT:  8040, 8010, 7980

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