11 February 2015

NIFTY OUTLOOK FOR TOMORROW 12-02-2015

See-saw movement was there in the market. Today Nifty index reclaimed the 8,600-mark powered by a rebound in bluechips amid hopes of faster reforms and optimism over the upcoming Budget. Today nifty was shuttling between 8593 and 8651 level. Today nifty started at 8627 and made a high of 8651 and low of 8593 and closed 8627 total 58 points was moved by nifty throughout the day.
The market is heading into a choppy session and nifty may move somewhere around 8655 level. We need to watch out for the levels of 8500 on the downside and 8700 on the upside to start with. Chances are if it were to stay above 8680 after opening we are likely to see it retesting 8700. On the other hand, if it were to fall below 8620 on high volume led selling then it can seek further lower levels and test 8500 through 8450 support area going forward.
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RESISTANCE: 8660, 8700, 8740
SUPPORT:  8610, 8570, 8530

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