18 June 2015

NIFTY OUTLOOK FOR FRIDAY 19 JUNE 2015

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While bulls appeared to have got their act together after the recent thrashing, today's extended rally in the market was the result of a sublime performance by index heavyweight Reliance Industries (RIL), which registered its best single-day gains on the bourses in last 16 months.The Indian benchmark indices rose for the fifth straight day on Thursday. The Sensex provisionally ends 287 points higher at 27119 and Nifty also ended above the crucial 8100 level at 8174, up 83 points.
Nifty retains some of the upward momentum. We need to keep a close watch on the range between 8175 and 8190. Once this is taken out we could see that the Nifty heading towards the significant resistance zone between 8220 and 8250. Immediately, however, some resistance we might see even at 8175. We would consider economic growth resurfacing if it were to fall below 8100 and close below that level. 
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RESISTANCE: 8200, 8250, 8300 
SUPPORT:  8150, 8100, 8050           

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