19 January 2015

NIFTY OUTLOOK FOR 20 JAN 2015

Week begin with a positive note. Today bulls were managed there position at the level of 8550.The Nifty for a third consecutive session on Monday to mark its highest level in nearly 1-1/2 months, as Wipro surged on strong earnings, while lenders rose on continued optimism the Reserve Bank of India’s surprise rate cut last week would revive credit growth. The market managed to hold on to its gains till the end. But the market movement was completely lackluster. Total 41 points moved by nifty throughout the day. Nifty touched a high of 8571, and finally settled with a gain of 37 points at 8551; it made a low of 8531.
Now for tomorrow, the range between 8555 and 8570 would provide the initial support for the index. Unless the skeptics manage to push it down below 8495 on sustained selling the bulls would be on the driver’s seat again. On the way up, once it crosses 8575 and stays above that it could go all the way to levels around 8600-mark where the all-time high is located. In case of any major selling, unless the Nifty falls below the 8450-8440 strong support area it could well post a bounce back to above the 8600-mark either tomorrow or later on.

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RESISTANCE: 8580, 8610, 8640

SUPPORT:  8550, 8520, 8490

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