NIFTY OUTLOOK FOR FRIDAY 15-MAY-2015

Selling pressure once again troubled the domestic equity markets as the key benchmark index Nifty closed the day at 8224, down by 11 points over Wednesday's closing levels. Markets opened with a marginal uptick and later witnessed heavy sell-off and Nifty tested an intraday low at 8137, and closed 0.17 down at 8224 without much triggers. Total 99 points was played by nifty throughout the day. These fresh lows in inflation has boosted investor expectations of a rate cut from the Reserve Bank of India in its upcoming policy meet as Industrial output had also hit a 5 month low of 2.1 per cent.

For tomorrow if the Nifty manages to take out the level between 8250 and 8275 successfully then we can expect it move up further and probably test the strong supply zone that lies in the range between 8290  and 8330. On the other hand, so long as the Nifty does not fall below the support area between 8235 and 8210, the bulls can again stage a pullback rally. However, the range between 8335 and 8350 would emerge as a strong supply zone, once if these levels will cross 8400 will be the next target for bulls. At the other side if down trend will take place then 8200 will act as highest supporting level for nifty.

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RESISTANCE: 8250, 8300, 8350

SUPPORT:  8200, 8150, 8100