5 May 2015

NIFTY OUTLOOK FOR WEDNESDAY 6 MAY 2015

“Buy ACC Future above 1478 Tgt 1488/1499 Sl 1462” 
“Sell Bank Nifty Future below 18540 Tgt 18490/18430 sl 18600” 
After a strong pull back session on Monday, selling pressure continued unabated in the market on Tuesday, with the nifty slipping below its crucial psychological level of 8300 in trade today. Markets recouped some of the intraday losses and Sensex finally closed 50 points lower at 27440 while the Nifty index ended 11 points down at 8320.
Best case situation would be consolidation in the market plus/minus 100 points on the Nifty at current levels. There is a 30% to 40% probability that we may go below the 8200 levels as we test the round figure of 8000 levels over the next two to three weeks. Till such time the level of 8575 is decisively taken out we would consider this rally to be just a pullback corrective and not another uptrend that’s going to breach the earlier high. For tomorrow, the most critical levels are located between 8350 and 8380 for a decisive break down below these levels would mean weakness signs surfacing again. However, bulls would not lose the initiative unless fresh selling pressure takes the market below the 8185-level again.
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RESISTANCE: 8330, 8360, 8390
SUPPORT:  8300, 8270, 8240

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