23 June 2015

NIFTY OUTLOOK & TRADING TIPS FOR 24 JUNE 2015

Nifty 8300 call given yesterday almost achieved 1st tgt
The markets gained for eighth day in a row on Tuesday. Nifty was trading flat after it reclaimed the psychological level of 8350 .The Sensex advanced 74 points to close at 27804 and the Nifty jumped 28 points to shut shop at 8381. For the most part of the day, the Sensex and Nifty traded in a range bound fashion. The Nifty touched high of 8398 and low of 8334. The up-move in the markets came on the back of better than expected monsoon rains which will help lower inflation hence giving some head room to the Reserve Bank of India to cut interest rates further going ahead.
The Nifty continues to look bullish. While it is true that the index is at a crossroads after having taken out its 200-day EMA at 8197 and now testing its 200-day simple MA at 8362. In fact, the critical levels for the day are located between 8400  and 8430—if this zone is held out then the Nifty would continue to display strength, and is likely to move even further up. Next strong supply zone would be found between 8450 and 8480. On the downside, first 8382 through 8362 would be a support zone and the next major support is found in the range of 8329 through 8309
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RESISTANCE: 8400, 8450, 8500
SUPPORT:  8350, 8300, 8250

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