11 May 2015

NIFTY OUTLOOK FOR TUESDAY 12-MAY-2015

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Today we have seen a strong recovery in the market with majority of stocks scoring good gains on the day. It appears as if there is a pullback corrective rally already in progress.Nifty finally moved and closed above its 200-day moving average at 8276 on the back of strong buying in banking and metal sectors. Nifty opened at 8243 made a high of 8332 and low of 8224 and closed at 8325, total 108 points was played by nifty throughout the day. Public sector banking stocks were in good demand in Monday's trading session; metal stocks were also trading higher on Chinese rate cut. Nifty is likely to consolidate at around 8250-8350 levels in the days to come.
The Nifty is likely to move up in the immediate future. Our understanding is that it is likely to meet a very significant resistance zone when it reaches 8350 through 8404 range. Only on a successful breakout above this zone with lot of volume activity and fresh position building in the derivative segment we could see further higher levels else it could show some volatile range bound trading activity in the near term between 8200 and 8400. However, the specter of the intermediate downswing continuing has not gone off the picture. The index needs to stay above the 8340 through 8375 range initially to indicate the continuation of bullish gumption. If it were to stay above this range bulls have nothing to worry but a slide below this level, on a sustained basis, would weaken their rearguard action.
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RESISTANCE: 8350, 8400, 8450
SUPPORT:  8300, 8250, 8200

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