7 July 2015

NIFTY OUTLOOK FOR 8 JULY 2015

Indian market has an uncanny knack of mostly correctly anticipating the movement in the US market especially on tomorrow’s market there would show a reverse upswing. It exactly panned out that way: while the Dow might have closed 46 points down but it recovered well from the day’s low. The sentiment this morning in Asia is quite positive but the SGX July Nifty is trading down by just 2.5 points at 8531.50 as we write this Market Outlook. Chances are we would see higher Nifty levels of 8550 getting tested in today’s session.
It is now entering the most critical supply zone that lies between 8550 and 8596-once this range is decisively taken out we can expect levels of even 8700 coming to the fore; however, we first need a decisive breakout above the 8550 – 8600 range. Till such time the Nifty does not fall below 8493 on sustainable basis, the bulls would not have to bat an eyelid in retaining their advantage.
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RESISTANCE: 8550, 8600, 8650
SUPPORT:  8500, 8450, 8400           

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