NIFTY OUTLOOK FOR WEDNESDAY 22 APRIL 2015

Volatility was witnessed there in the market today. Nifty opened at 8416 made a high of 8469 and low 8352 and closed at 8377 total 117 points was played by nifty throughout the day.Concern over earnings of companies, and the retro-tax for FIIs issue spooked the market hard: back to back another triple digit falls in the Nifty; this also happens to be the steepest fall for the year to date. Our reading of the market was spot on—the technical signs were all too apparent that a fall would be quite likely and it did. However, this was a kind of panic selling that we saw, our understanding is that we have reached a strong support zone, and given the buoyant mood in the US there is likely to be some pullback rally in our market

since the major support at 8350 was not violated. Thus, we would consider this level of 8350 to be the most critical level for tomorrow, and unless this is violated decisively on high volume activity again we could use it as a base to trade for the anticipated pullback for tomorrow. One thing, however, we ought to mention that unless the level of 8557 is firmly reclaimed this would just be a pullback rally and the bears would use higher levels to sell again. 
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RESISTANCE: 8400, 8450, 8500

SUPPORT:  8350, 8300, 8250