NIFTY OUTLOOK FOR THURSDAY 14 MAY 2015

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See saw movement was there in the market today. Very volatile trading session was witnessed today. The market swayed in indecision on Wednesday, slipping in and out of the green during large parts of the trading session. The markets, after paring gains, were undecided and traded in a very narrow range, but as the session progressed. In a volatile session, Sensex today rebounded by 373 points to 27251 led by gains in banking and auto stocks after drop in inflation and industrial output data fuelled rate cut hopes. Today Nifty opened at 8181, made an intraday high and low of 8254 and 8089 and finally closed at 8235 up around 108 points.

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