20 March 2015

NIFTY OUTLOOK FOR MONDAY 23 MARCH 2015

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Markets ended the week marginally lower despite the US Fed giving out relatively dovish comments on interest rate hikes. The downtrend in markets continued for the third straight day. Nifty index fell below the key 8,600-mark on selling in heavyweights ahead of quarterly earnings beginning early next month. Sustained selling was visible during the day in the absence of major positive triggers. Nifty index lost 63 points, to end below 8600 mark at 8570 after moving between 8627 and 8553.
Markets may remain subdued till the March F&O expiry. The immediate trend will depend on the timeline and degree of accomplishment. As we know the intention is in the right direction, we may have difficulty in the short-term.We tend to think we are headed for lower levels below the 8500-mark. Even if it were to open higher traders would not really like to commit more on the upside since Mar 11 all rallies have been proved to suckers’ rallies. This market is now in a firm bear grip and the intermediate as well as the medium term trend are both vulnerable to a bearish reversal: it is now a sell on rallies market.
For Monday to watch out for levels, keep the 8520 through 8490 strong support zone; once that is taken out we could see the index sliding down further to test the major support zone between 8470 and 8450. On the upside, initially the range between 8650 and 8675 would act as a potential supply zone and then the levels between 8690 and 8720 would be next potentially strong supply zone. Till such time, we see the bulls taking out the Nifty level of 8750 decisively no sustainable uptrend is possible, all rallies would just be pullback rallies.
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RESISTANCE: 8600, 8650, 8700
SUPPORT:  8550, 8500, 8450

2 comments:

  1. THANKS FOR CORRECT SUGGESTION

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