14 April 2015

NIFTY OUTLOOK FOR WEDNESDAY 15 APRIL,2015

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Markets continue to inch higher and gained nearly half a percent amid intraday volatility. As the day progressed, buying interest in the index majors pushed the Nifty index above the psychological mark of 8800, and Sensex above 29000. Indian shares closed at their highest level in six weeks on Monday. The BSE index closed 0.57 percent higher at 29044 points, while the broader nifty gained 0.61 percent to 8834 points.
After Monday's breakout above 8800 mark, we believe Nifty has potential to retest 9000 mark in near future, but a lot more depends upon the performance of banking counters in the coming sessions. The nifty is now within striking distance of next level of resistance that is expected to come in around the 8850-8920 mark. However, the upside remained capped due to cautiousness among the participants ahead of CPI data, which was scheduled to come out post market hours.
For tomorrow, the range between 8850 and 8865 would act as the most critical zone—if the bulls will able to sustain the Nifty above this level for any significant length of time, we are likely to see another round of short covering that would propel the Nifty to either test the strong supply zone between 8880 and 8895 or come near it. Our understanding is that the supply zone above the 8800-mark through 8900-mark would not be easily overcome and there would have to be some kind of consolidation here before further scaling up happens. We expect, at least, some profit taking to happen. On the downside, so long as the Nifty does not fall decisively below 8800 on closing price basis—even dips would be considered buying opportunities.
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RESISTANCE: 8850, 8900, 8950
SUPPORT:  8800, 8750, 8700

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