8 July 2015

NIFTY OUTLOOK FOR THURSDAY 9 JULY 2015

Selling was widespread in the market, which pulled down all the sectoral indices by up to 4%. Sensex broke below 28000 mark by tumbling 483 points to close at 27687

The broader NSE Nifty also succumbed to all-round selling and slipped below the 8,400-mark , close the session 147 points, to close at 8363 Nifty tanked 147 points to 8363, after an extremely volatile  session. Intra-day, it hovered between 8457 and 8341.

Traders should keep a close eye on upcoming earning season, monsoon and other macro-economic data.In case, Nifty slips and sustain below the crucial support mark of 8350, we might see further decline in coming sessions otherwise sideways bias would prevail.
Having run up all the way to 8500 levels in Nifty from sub 8000 levels, and with Q1 earnings season about to start, bulls were found wanting in confidence to push prices any higher.
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RESISTANCE: 8500, 8550, 8600

SUPPORT:  8450, 8400, 8350

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