23 March 2015

NIFTY OUTLOOK FOR TUESDAY 24 MARCH 2015

The market continued its downward trajectory .On the back of lack of triggers on the domestic front; the markets were trading in a lackluster mode.  Investors are cautious ahead of F&O expiry. In this last expiry week of the Financial Year market has taken a strong trend to its consolidation phase. The market has started the expiry week, which is also the last full-week of the current fiscal year on a feeble note. Nifty, which breached the 8,600-level to touch the day’s high of 8608 in early trade, fell back on broad-based selling. It then touched a low of 8540 before closing down with a loss of 20 points at 8550. In four days, the Nifty has shed 172 points. 
Nifty has major support at 8514, and it has entered in the oversold territory can increase volatility in coming days. Nifty closed at 8550 down around 20 points. The market breadth was negative. Current correction in the market is expected to be longer and deeper than the one seen in the past. According to us, Nifty is likely to fall down to 8270 or even below 8000 going ahead. However, the bull market phenomenon remains intact.
PIVOT POINT NIFTY
R2
R1
PIVOT POINT
S1
S2
8647
8609
8581
8543
8515
TECHNICAL VIEW: - RED DOJI

OUTLOOK TREND: - CONSOLIDATION

STRATEGY: - BUY ON DIPS
 
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