8 January 2015

NIFTY OUTLOOK FOR TOMORROW 09-JAN-2015


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A pullback rally was witnessed there in the market today. After a massive fall of over 3 per cent in last two trading sessions, the Nifty has given some bounce back today. The Nifty gained over 100 points above the psychological 8,200 mark on Thursday. Today nifty started at 8191 made a high of 8243 and low of 8167 and closed at 8234 total 76 was moved by nifty throughout the day.
This kind of formation after a sharp fall or a protracted rise has generally given birth to a change in direction or at least a halt of the erstwhile directional move. For tomorrow, the levels that hold the key are placed between 8220 and 8250. This range is likely to act as the key support area on which all upside price movement would have to be built; hence, the index should not fall below this range so as to maintain any semblance of real strength.
On the upside, crossing the hurdle at 8265 – 8280 assumes great importance since that would be the first test for the bulls to show their ability to pull things further up from current levels. To talk about real bullish gumption, however, we need to see a decisive break out above the 8300-level. On the downside, if it were to fall below 8170 – 8155 support area there would be further fall but till such time the index slides below 8100, do not expect any significant weakness.


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RESISTANCE: 8240, 8280, 8320

SUPPORT:  8200, 8160, 8120

1 comment:

  1. This is good for all traders and very efficient for trading purpose. I hope this will continue for every day.
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