29 June 2015

NIFTY OUTLOOK FOR TUESDAY 30 JUNE 2015

The Indian markets ended Monday's volatile trading session on a weak note. The Sensex fell 167 points to settle at 27645 and the Nifty slipped 63 points to shut shop at 8318. Nifty after dipping below the 8200-point mark, recovered most of losses to close 62 points or 0.75 per cent down at 8318. Intra-day, it shuttled between 8195 and 8329.
In the intraday deals, the Sensex witnessed a gap down opening and fell over 600 points and the Nifty slipped below its crucial psychological level of 8,200 as Greece looked set to default on its debt repayment this week, sparking concerns about foreign selling in emerging markets. 

After a stellar performance by the Nifty yesterday, we can still see the index moving up again on Monday’s session provided it does not fall below 8382 – 8388 support area. In any case, getting past the hurdle of 8420, it would gain further momentum to scale up to even higher levels. On the downside, below 8382 support is likely to be found between 8340 and 8318. And so long as the Nifty does not go slip below 8259.

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RESISTANCE: 8400, 8450, 8500

SUPPORT:  8350, 8300, 8250          

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