NIFTY OUTLOOK FOR FRIDAY 22-MAY-2015

“BUY WIPRO ABOVE 566 TGT 573 SL 560”           
“SELL IDEA BELOW 171 TGT 166 SL 175” 

The stock markets seem to have entered a consolidation mode, keenly waiting the June 2 monetary policy review by the RBI, which is widely expected to ease lending rates in the backdrop of weak factory output growth and a benign inflation scenario. The benchmark indices opened the session with gains, but slipped into the red soon. Nifty cutting losses to claw its way back past the crucial 8400 levels. Forecasts of a timely monsoon have also strengthened hopes that the central bank would cut rate on June 2 to spur investment and consumption.In absence of any major cues, market consolidated in a narrow range on Thursday and closed almost unchanged.The Sensex closes 0.10%, or 27 points, lower at 27809, while the Nifty closes flat at 8421 points.

Tomorrow, in order to post strong gains it needs to stay above the 8433-mark right from the word go for it would act as the most critical level. Going ahead, it would face resistance between 8452 and 8467 initially and then a major resistance around the 8480-mark. On the downside, unless it falls decisively below 8379 it would attract buying at lower levels.  
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RESISTANCE: 8450, 8470, 8490
SUPPORT:  8430, 8410, 8390