22 January 2015

NIFTY OUTLOOK FOR 23 JAN 2015

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Nifty continued its winning run and zoomed to hit a fresh record high of 8774, but the movement  was completely range bound. Unexpected support from HUL and Hero Motors has helped the market to sustain above the level of 8700. However, profit-booking at record levels trimmed some gains but the Nifty ended at a new record high of 8761, up 31 points.  Today nifty started at 8745 made and low of 8727, total 47 points was moved by nifty throughout the day.
Tomorrow will be the week ended Friday and after that market will reopen on Tuesday. So we are expecting less movement in the market. in case if the market break 8689 then we can expect weakness for the day but it should be limited to 8600 or 8625.  We are not expecting 8600 to break in a normal course of condition.  On the higher side 8745 is the level above which it would jump to 8800 or 8850 in the near term.
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RESISTANCE: 8780, 8820, 8860

SUPPORT:  8740, 8700, 8660

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