27 March 2015

NIFTY OUTLOOK FOR MONDAY 30 MARCH 2015

BUY UNITECH FUTURE ABOVE 17 TGT 17.80/18.40 SL 16.20
SELL BHARTIAIRTEL FUTURE BELOW 380 TGT 374.50/369.50 SL 387
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The market saw consolidation on Friday after a steep fall in previous session. After a choppy session of trade, the market closed flat on Friday. After seeing more than a percent fall intraday, the broader markets also closed flat but the market breadth remained in favour of declines. Nifty ended at 8341, after hitting a day’s low of 8269.
This index is in a very weaker state; unless it quickly gets past 8400 – 8450 supply range, there would be no hope for a sustainable recovery. On the other hand, if it were to fall below 8330 – 8280 support area it would be headed for a test of the major support zone between 8200 and 8100. We tend to think that even if there were to be a recovery it would be a limited one and the test of levels around 8000 or lower is just a matter of time. Signs of cracks are quite strongly visible. All this goes to show what the Chinese proverb says: we are in for interesting times!
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RESISTANCE: 8380, 8420, 8460

SUPPORT:  8340, 8300, 8260

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