30 December 2014

NIFTY OUTLOOK FOR WEDNESDAY 31 DEC 2014

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Consolidation was there in the market today, but market movement was completely lackluster. Nifty today started at 8260 made a high of 8268 and low of 8220 and closed at 8248, total 48 points was moved by nifty throughout the day.
For tomorrow if the Nifty manages to take out the level between 8250 and 8270 successfully then we can expect it move up further and probably test the strong supply zone that lies in the range between 8290 and 8310. 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.
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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