30 March 2015

NIFTY OUTLOOK FOR TUESDAY 31 MARCH, 2015

OPTION PLAIN VANILLA STRATEGY 
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It was a strong start to the truncated week as bulls fully charged on Monday, pushing the Sensex above 28000-mark and the Nifty above 8500 intraday following positive global cues. Banking & financials, FMCG, capital goods and IT stocks helped the market gain nearly 2 percent. Nifty climbed 150 points to 8492. It touched a high of 8504 and a low of 8380 in trade today. 
Today's opening gap holds lot of significance for markets. Now, unless and until 8380 is being broken, there is a good chance that we will see extension to this pullback. The first level now should be around 8500 to about 8520 with 8600 as also a possibility.  After a big correction in last few sessions, the market gathered momentum today, which if it continues for few more days then 8605-8800 could be possible. The level 8250 will work as a strong supporting level for nifty. 
The market will remain open for trading up to Wednesday only this week as it will be shut on Thursday and Friday for holidays on account of Mahavir Jayanti and Good Friday, respectively. 
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RESISTANCE: 8530, 8580, 8630 
SUPPORT:  8480, 8430, 8280

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