8 June 2015

NIFTY OUTLOOK & FREE STOCK CALLS FOR 9 JUNE 2015

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The market ended on a dismal note as the Sensex was down 245 points at 26523. The Nifty slipped 70 points at 8044. Triggered by weaker-than-average monsoon estimates and selling pressure by foreign institutional investors, the Nifty fell for the six consecutive trading sessions on Monday. Nifty touched a high of 8131 and low of 8030.
The market looks quite weak and is likely to seek further lower levels. Immediate support is the last closing level of 8044 itself, and once the index falls below 8020 selling pressure might increase. Even if there were to be any corrective pullback rally, you would rather not get enthusiastic about for it may taper off without clearing the crucial resistance zone around the level of 8200. The range between 8145 and 8190—prior to testing 8210—might bring in a lot of supply. On the downside, all hell might break loose as and when the index falls below the major support zone between 7956 and 7938. The market needs to go down further, the corporate earnings growth really does not justify any growth in the market - so you could see a market oscillating between 8000 to 8300 levels. 
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RESISTANCE: 8150, 8200, 8250 
SUPPORT:  8100, 8050, 8000

1 comment:

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