1 April 2015

NIFTY OUTLOOK FOR NEXT WEEK 06 APRIL 2015

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The market staged spectacular performance on first day of the financial year 2015-16. It was a strong start to the new financial year 2015-16 on Wednesday as the market rallied more than 1 percent led by banking & financials, ahead of RBI policy (scheduled to be held on April 7). The Sensex closes first day of the new fiscal year 302 points, at 28260, while the Nifty gained 95 points, to end at 8586.
Nifty exhibited good recovery and closed in the positive on 8586. Now upcoming week could be a highly volatile week. After a very poor expiry in March month, the April contract has started well. Though on a healthy note, we believe it will be a volatile month. This consolidation which had started at nifty 9100 may continue upto a maximum range of -2 to -3% from current level. The whole range between 8650 and 8700 would act as a strong supply zone. Only when you see the Nifty taking out 8650 you would get the indications that a recovery or at least a pullback rally is about to happen. On the downside, if the index were to fall below 8530 on high volume activity and more position building it could well go down to test 8480 through 8450  major support area
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RESISTANCE: 8650, 8700, 8750

SUPPORT:  8600, 8550, 8500

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