NIFTY OUTLOOK FOR FRIDAY 8 MAY 2015

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AS WE PREDICTED NIFTY HOLDS 8000 AMID PRESSURE SENSEX BELOW 27000 AMID PRESSURE 

Market opened with a negative bias and later in the first half it made a high at 8122, but due to sustained selling by investors and weak rupee; Nifty reversed its direction and made a low at 7997 and finally it closed at 8057 down by around 0.49%.Nifty has broken the support levels of 8093 and made low of 8022.Today nifty has hit our target of 8100 and almost hit second target of 8000 and made a low of 8022. A stock market correction, technically speaking, occurs any time a major benchmark index loses at least 10% of its value. When an index suffers losses of 20% or more, it earns the right to be called a “bear market.” On average, stock market corrections occur every 1.5 years, while bear markets occur about every nine years.

The market outlook is not very rosy because the market is still not entered in the oversold region and weak rupee is also affecting the investors sentiment negatively, but can enter in the oversold region may be in a day or two. Nifty has support at 7997 and 7962, and there are chances that Nifty may test these levels before marking a strong reversal.

Now, the most critical zone would be 8097 – 8100, and strong resistance would be seen first between 8155 and 8163, and then between 8200 and 8225. On the downside, 7950 through 7930 is its strong support zone.

We are anticipating a bounce back from here; however, this time it may not even test the 8300-mark and could finish its course even before that by the time.

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RESISTANCE: 8150, 8200, 8250

SUPPORT:  8100, 8050, 8000