NIFTY OUTLOOK FOR WEDNESDAY 14 JAN 2015

Market movement was completely range bound throughout the day. After reclaiming 8350 level nifty was trading in very narrow range and slipped below the level 8300.  Today nifty opened at 8346 made a high of 8356 and low of 8267 and closed at 8299, total 89 points was moved by nifty throughout the day.

Now, in tomorrow’s session if there will be any profit taking then the range between 8300

and 8250 would act as a strong support zone; hence, unless you see the index falling below 8255 decisively, the current bullish momentum of the last three sessions would remain active. On the way up, once the level of 8363 is taken out it would be 8389 and 8405 that would be the two resistance levels to watch out for tomorrow.

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RESISTANCE: 8355, 8380, 8405

SUPPORT:  8330, 8305, 8280