30 June 2015

NIFTY OUTLOOK FOR WEDNESDAY 1 JULY 2015

Indian market has outperformed in spite of the correction in global markets due to the Greece issue.After a day of volatility, the market finally ended with a bang. The Sensex closed up 135 points at 27780, and the Nifty was up 50 points at 8368. Indian markets had traded flat for the most part of the session before rising in late trade on hopes of a Greece deal. In a volatile session, the 30-share index, which swung between gains and losses, finally settled higher by 135 points, at 27780. Intra-day, it shuttled between 27814 and 27570. Nifty, after moving both ways, ended higher by 50 points, at 8368.
For near term, 8440 can act as good resistance level, if any breakout can witness massive rally upto 8600. Apart from this, Index is likely to form an “Inverted Head and Shoulder” pattern on daily chart, which is bullish in nature. So, every dip should be considered as buying opportunity for the near term.
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RESISTANCE: 8400, 8450, 8500
SUPPORT:  8350, 8300, 8250          

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