9 April 2015


“BUY NIFTY FUTURE @ 8790 TGT 8830/8870 SL 8840” 
Market extended its winning run to the fifth session today. In volatile movements,, Nifty index spurted by 63 points, to close at 8778. During the session, it shuttled between 8785 and 8682. We believe this move will extend further in the coming sessions also.
The bulls are showing continued enthusiasm to take fresh long positions and the bears are covering their shorts; if the index were to get past the 8800 – 8835 range tomorrow, then the bulls would gather more strength to push and clear the major resistance between 8849 and 8892. We are quite skeptical about this rally continuing beyond the 8720-mark but it appears that the upswing has still some more headroom left. However, as of now, fresh weakness signs would only be seen only when it closes below 8630 now.
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RESISTANCE: 8800, 8850, 8900
SUPPORT:  8750, 8700, 8650

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