17 March 2015

NIFTY OUTLOOK FOR WEDNESDAY 18-MARCH-2015

"YESTERDAY’S LT FUTURE CALL ROCKS 2ND TGT ALMOST ACHIEVED…!!!" 
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The Sensex snapped a two-day decline and closed nearly 300 points higher in a pullback rally on Tuesday. Nifty reclaimed the 8,700-mark.  The Nifty ended at 8723 up 90 points. It touched a high of 8742 and a low of 8630 in trade today. In the near term, the market will take cues from the comments of the US Federal Reserve on interest rate hike in the US.
Tomorrow we need to initially monitor the levels of 8750 through 8770 for it would act as the first resistance zone that the Nifty ought to take out firmly. Once it is done and the index stays above the range just mentioned, it would be headed for the 8800-mark, which could well act as a difficult selling zone. However, once crossed, the bulls might feel empowered to test the major supply zone for the between 8830 and 8860. Any close above 8860 would raise the possibilities of a bullish short term reversal.
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RESISTANCE: 8750, 8800, 8850
SUPPORT:  8700, 8650, 8600

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