27 May 2015

NIFTY OUTLOOK FOR THURSDAY 28-MAY-2015

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The week, as expected, was volatile as we head into NSE Derivatives expiry tomorrow followed by the RBI policy on June 02. Last week's hopes of a pullback were shattered as Nifty faced stern resistance near the psychological barrier of 8500, world market weakness to be blamed along with a series of disappointing results. Markets ended the session on a mixed note, amid choppy trades, as investors turned cautious ahead of May F&O expiry due on Thursday. Senxex fell as much as 300 points in intraday trade on Monday, tracking weaker regional shares as fears about earlier-than-expected US rate hikes weighed on sentiment. The Sensex ended the session at 27564, higher by 33 points, while the Nifty settled below the crucial technical level of 8350 at 8335, down 5 points.
Today's trade saw Nifty slip below an important support of 8341 and towards the next crucial support zone of 8242-8270. Pullbacks failed to re-conquer 8341 and selling pressure resurfaced. For the next two sessions and the coming week Nifty is expected to be confined to this range lest a breakout or breakdown occurs beyond the said levels. A move above 8355 is keenly eyed for a pullback towards 8377 for starters and then beyond.
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RESISTANCE: 8355, 8388, 8418
SUPPORT:  8322, 8292, 8262

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