12 March 2015

NIFTY OUTLOOK FOR FRODAY 13 MARCH 2015

Continue to hold HDIL 125 CALL 
IDFC not executed
The market snapped its three-day losing streak today after the International Monetary Fund said India's economy was recovering and its ability to withstand external shocks had improved, although it noted growth is likely to fall short of government targets.
Nifty jumped in trade today and closed above its important psychological level of 8750. The Nifty advanced 76 points to settle at 8776. Nifty opened at 8740 made a high of 8787 and low of 8732, total 55 points was played by nifty throughout the day.
For a sustainable  bullish rally to happen, we need to see the index getting past decisively above the supply zone between 8800 and 8835—any failure to do so, as we have seen in the last session, would see the market going down again. It would be far more encouraging for the bulls, and for a short-term pullback corrective to extend its duration, if it were to take out the 8850-mark on closing price basis. On the downside, any serious breakdown below 8750 through 8720 support area would be quite damaging and it would pave the way for far lower levels.
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RESISTANCE: 8800, 8850, 8900
SUPPORT:  8750, 8700, 8650

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