9 June 2015

NIFTY OUTLOOK FOR WEDNESDAY 10-JUNE-2015

The benchmark BSE Sensex dropped for the sixth day today to record its longest losing run in four months as foreign funds continued to offload shares on fears that below normal rains will result in higher inflation.The market is on a downward spiral since last Tuesday when Reserve Bank had cut repo rate by 25 bps, despite flagging concerns over economic recovery. Nifty today fell by 21 points or 0.27 per cent at 8022. Market continues to be above the crucial level of 8000 ahead of MSCI’s decision on whether to include China a shares in the EM index. This will be decisive in telling us if the market is likely to breach to lower levels.
Nifty continued to remain under pressure tracking the global cues. Concerns of a possible rate hike in US and Greece debt crisis affected market sentiments negatively.  At present there is no positive trigger, most of the news flows from international markets and from the domestic front also are not supporting the market.
we would consider this level of 8050 to be the most critical level for tomorrow, and unless this is violated decisively on high volume activity again we could use it as a base to trade for the anticipated pullback for tomorrow. One thing, however, we ought to mention that unless the level of 8100 is firmly reclaimed this would just be a pullback rally and the bears would use higher levels to sell again.
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RESISTANCE: 8150, 8200, 8250
SUPPORT:  8100, 8050, 8000

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