25 May 2015

NIFTY OUTLOOK FOR 26-MAY-2015

The BSE Sensex fell on Monday, tracking weaker regional shares as fears about earlier-than-expected US rate hikes weighed on sentiment. Nifty dived below the crucial 8400 mark due to widespread profit-booking after recent gains amid lower-than-expected earnings numbers from ITC. Nifty slipped below 8400 level by falling 88 points, to close at 8370. Intraday, it shuttled between 8364 and 8441.After a weak trading session, the market ended on lower note. The Sensex was down 310 points at 27646 and the Nifty ended down 91 points at 8367.
Tomorrow the market is expected to open flat or a little down. The range between 8400 and 8430 would be the most critical zone for the day. Once the bulls are able to hold it above this zone or at least not allow the Nifty to drift down below this range, the index and the overall market may experience fresh buying coming in or else there could be a dip again to test 8370. Till such time the bears are able to push the Nifty down below 8370, the bulls would retain their initiative to bring back the erstwhile upward momentum. On the way up, however, the levels above 8430 would also be a supply zone especially the range between 8450 and 8480. This is a potentially strong supply zone that could halt the march upward, at least for the day.
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RESISTANCE: 8400, 8450, 8500
SUPPORT:  8350, 8300, 8250

2 comments:

  1. Indian markets traded ended negative. On sectorial front Bank Nifty down 0.59%.IT traded up 0.90% whereas Pharma shares down by 0.70% and FMCG shares down by 1.99%.
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