NIFTY OUTLOOK FOR TUESDAY 5 MAY 2015

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Bulls are back in the action today. Nifty recaptured the 8,300-level on first day of May series. The index opened on a strong footing and gathered momentum to test the day's high of 8,346 before settling 150 points higher at 8331. It touched a high of 8346 and a low of 8220 in trade today. This is the best single-session gain in two months for the index. Sensex posts its biggest single day gain since 30 March, closes 479 points, higher at 27490.

Nifty index managed to close above its crucial psychological level of 8300-8330. We are expecting some more upside in the index, and investors should initiate trade with positive bias. Nifty longs can be assumed not for 8500-8550. It means that some sort of an upswing has started and given the way, Nifty could perform the best out of all other indices, nifty cross 8230 (Nifty closed at 8331), we will see much more stable or possibly much steadier up move happening in the market. So trade with a positive bias unless and until we break below 8220, but for the time being aggressive buying should be done once we cross 8320 on the Nifty, and that is when possibly we will shift from index options to about index future positions. Once it starts moving up the whole range between 8340 and 8395 would act as the most important potentially strong supply zone to take out. If it were to succeed in doing so, you would see the index acquiring fresh strong gumption. 
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RESISTANCE: 8350, 8400, 8450 

SUPPORT:  8300, 8250, 8200