NIFTY OUTLOOK FOR WEDNESDAY 13 MAY 2015

“Sell icici Bank Future below 308 Tgt 304.50/301.70 Sl 312.40”

“Buy IDFC Future above 156 Tgt 158.40/162 Sl 152.20”

After posting strong gains in prior two trading days, Market dropped today as caution prevailed ahead of release of macro-economic data. Free falling rupee value and disappointing fourth quarter results led to a benchmark index of the Indian equities market closing Tuesday's trade down 630 points or more than two percent. Nifty closed the day's trade deep in the red. It closed 198 points or 2 percent down at 8126 points. The Nifty slipped below the 8300-mark by plunging 104 points to 8220.The markets have fallen due to a combination of factors such as the falling rupee value, FIIs turning into net sellers, uncertainty over the US interest rate hike, higher commodity prices like crude oil, and increase in US 10-year bond yields

Now breaching the support line of 8100 will invite more woes in the market while a trade above 8300 will provide a good positive remark of it. Unless we see a quick recovery to at least above 8175-level, the Nifty is likely to fall further again. The whole range between 8135 and 8175 would act as a strong supply zone. Only when you see the Nifty taking out 8200 on closing price as of today you would get the indications that a recovery or at least a pullback rally is about to happen. On the downside, if the index were to fall below 8100 on high volume activity and more position building it could well go down to test 8050 through 8000 major support area.

More about intraday tips on Google +

RESISTANCE: 8150, 8200, 8250

SUPPORT:  8100, 8050, 8000