26 March 2015

NIFTY OUTLOOK FOR FRIDAY 27 MARCH 2015

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It was a terrible Thursday. The market saw immense selling pressure with the Nifty closing expiry below 8350-mark and the Sensex shedding 727 points intraday on geopolitical tensions. The market had hit a record high in the beginning of March series, but failed to sustain that momentum through the series. The Nifty and Sensex corrected 8 percent from their all-time highs of 9119 and 30024 hit on March 4.
Today market opened with a downside gap due to geo political tensions and later witnessed heavy sell-off partly because of March F&O expiry. Nifty closed at 8342 down around 188 points. The Nifty tumbled below the crucial 8,400-mark by losing 188 points, at 8342 after shuttling between 8499 and 8325. Many of the investors were stayed sidelines without committing large trades ahead of long holidays next week.  The short term Relative Strength Index is already entered in the oversold region and it can help the market to recover tomorrow.Tomorrow will be the week ended Friday & also the beginning of April series., in case there were to be a recovery, the Nifty needs to take out firmly the levels of 8400 through 8500 for anything short of that it would still be in danger of slipping below the 8000-mark.
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RESISTANCE: 8400, 8460, 8520
SUPPORT:  8340, 8280, 8220

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