28 May 2015

NIFTY OUTLOOK FOR FRIDAY 29 MAY 2015

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The Indian equity market closed with marginal losses on Thursday amid a volatile F&O expiry session led by losses in the Banking, Healthcare and Metal stocks. Indices which were under pressure throughout the day, managed to recover smartly in the second half. The Sensex finally ended mere 58 points lower at 27,507, ahead of the GDP numbers followed by RBI policy action next week. The Nifty moved in a range of 94-odd points. The index from a high of 8365, dropped to a low of 8270, and finally settled at 8319 - down 16 points.
The bulls are showing continued enthusiasm to take fresh long positions and the bears are covering their shorts; if the index were to get past the 8370 – 8400 range tomorrow, then the bulls would gather more strength to push and clear the major resistance between 8420 and 8450. We are quite skeptical about this rally continuing beyond the 8365-mark but it appears that the upswing has still some more headroom left. However, as of now, fresh weakness signs would only be seen only when it closes below 8265 now.
Once the index gets past 8370 through 8395 range, it might even get fired up. On the way up, crossing the 8435-mark would ensure bank bulls are marching upward again while a fall below 8265 would mean fresh weakness knocking at the door.
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RESISTANCE: 8355, 8388, 8418
SUPPORT:  8322, 8292, 8262

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