6 January 2015

NIFTY OUTLOOK FOR TOMORROW 07-JAN-2015

The divergent trend was witnessed today; today one of the sharpest falls, the market has crashed 3 percent worrying over crude oil price and global uncertainty. Nifty slumped 251 points at 8127.After falling below the 8,200-level, the Nifty touched the day's low of 8111 before settling down with a loss of 251 points, to end at 8127.
The index closes below 8150. This is a sign of weakness; however, unless follow on selling comes tomorrow to tilt the scales in favor of the bears, there is still not much to worry. What
we need to watch out for is its ability to hold above the 8100 level if there were to be any fresh weakness in tomorrow’s session. Staying above 8200 would mean getting some gumption back, and if it were to stay above 8250 then that would be the first sign of strength. On the downside, below the 8100 level strong support exists between 8070 and 8050 levels. Major support, of course, remains between 8030 and 8000.
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RESISTANCE: 8150, 8200, 8250
SUPPORT:  8100, 8050, 8000

2 comments:


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