4 June 2015

NIFTY OUTLOOK FOR FRIDAY JUNE 5,2015

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In a highly volatile trade, Global jitters dampened the investor mood but the market staged a dramatic recovery in late trade today. The Nifty defended 8100 and wiped out losses of 74 points to end flat. Emerging market nervousness is on account of Fed rate hike fears and that global fears may result in a correction to sub-8000 level on the Nifty. Investors were gripped with panic at the beginning of the day as plunging Nifty triggered fears of a meltdown. Nifty opened with a marginal downside and later it tested a low at 8056, and finally closed at 8130 down.  Sensex and Nifty both recovered from afternoon weakness to end the slightly lower than the previous closing. Nifty closed 8130 down around 7 points.
Indian markets shut the day on a flat note after recent carnage in the last few trading sessions. Investors continue to stay sidelines with keeping an eye on Greece debt repayment outcome scheduled tomorrow. Tough, late recovery was witnessed on the back of value based buying and the strengthening of rupee which opened lower. For tomorrow, unless you see the Nifty bouncing back beyond 8211 through 8228 range, all attempts at a rally would be met with next round of selling pressure, which still retains its ability to produce yet another deluge! On the other hand, a fall below 8094 through 8080 range would mean a probable test of 8050 through 7995 is on the cards. 
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RESISTANCE: 8150, 8200, 8250
SUPPORT:  8100, 8050, 8000

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