5 February 2015

NIFTY OUTLOOK FOR FRIDAY 06-FEB-2015

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Volatility was witnessed there in the market today. Just when we thought that the losing streak was coming to an end, in came another bout of sudden selling pressure which emerged in last hour of trades dragging the indices to erase all its early gains. Today's decline could be attributed to weakness in the global equity markets. Market cracked heavily following a huge sell-off in banking, metal and select index heavyweights. The market ended at lower level at 8711 after sinking below 8700 intraday. Nifty opened at 8733 made a high of 8838 and low 8683, total 155 points was moved by nifty throughout the day. 
The weakness signs are now far more clearly visible. Now, we need to see if it manages to stay above 8700 else the Nifty could well head for 8735 to 8765 support range. On the upside, the range between 8735 and 8750 would act as the most critical range on the upside. Only when the Nifty takes out this range firmly then expect a potential sustainable recovery.
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RESISTANCE: 8735, 8770, 8805
SUPPORT:  8700, 8665, 8640

2 comments:

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