29 December 2014

NIFTY OUTLOOK FOR TUESDAY 30-DEC-2014

Lackluster movement was there in the market today.  Today nifty crossed its crucial psychological level of 8250, supported by gains in auto, FMCG, metal and realty stocks. Today nifty opened at 8214 made a high of 8279 and closed at 8246 total 65 points was moved by nifty throughout the day.
For tomorrow if the Nifty manages to take out the level between 8255 and 8280 successfully then we can expect it move up further and probably test the strong supply zone that lies in the range between 8300 and 8330. On the other hand, so long as the Nifty does not fall below the support area between 8235 and 8210, the bulls can again stage a pullback rally
However, only when the index gets past 8280 decisively expect a strong rally and some real gumption in the pullback attempt again. Markets are likely to remain volatile throughout this week, and investors should use buy on dips strategy given the fact that the trend still remains on the upside.
Though we are entering in a New Year, we reiterate our view that nifty would further consolidate in a broader range of 8050-8350 in the coming week.

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RESISTANCE: 8260, 8285, 8310

SUPPORT:  8235, 8210, 8185

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