NIFTY OUTLOOK FOR THURSDAY 23 JULY 2015

IDFC Future Call given yesterday achieved 1^st tgt

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Wonderful Wednesday! Nifty shuts shop at three-month high.Upmove in Indian markets came despite a steep fall in other Asian and European indices after overnight fall in the US markets dampened sentiment. By close of trade, both Sensex and Nifty concluded above crucial 28,500 and 8600 levels respectively, gaining over a percent snapping .The Sensex on Wednesday ended at 28504, stronger by 322 points and the Nifty settled comfortably above the 8600 mark at 8633, up 104 points. In a session marked by intra-day volatility, the index after a weak opening fell to the day's low of 28070, before erasing losses to stay firm thereafter and rise to a high of 28546.The broader 50-share Nifty closed higher at 8633, up 104 points.

Markets hoping for some results from the monsoon session of Parliament. For tomorrow most critical level will be 8630, if it nifty stay below this level, the Nifty will turn much weaker while the bears failing to sustain the index below this level would pave the way for at least a minor short covering rally. Hence, there is so much importance for the levels between 8630 and 8588.

One thing, however, is most noteworthy—the bears have mustered enough confidence to keep writing calls till the end and they forced bull liquidation in the form of put writers being forced to cover a significant part of their outstanding position yesterday. The trend began from the previous day but it really acquired momentum yesterday. The strength that the bears displayed yesterday showed that there could again be heavy selling even if there were to be a pullback rally; hence, be very vigilant and be a little wary of bargain hunting for buying stocks.

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RESISTANCE: 8650, 8670, 8690

SUPPORT:  8630, 8610, 8590