21 July 2015

NIFTY OUTLOOK FOR WEDNESDAY 22 JULY 2015

Buy IDFC Future above 152.40 Tgt 154.50/156.90 Sl 15.40
Sell Titan Future below 336 Tgt 332.10/330.20 Sl 338.50
Tuesday turned out to be a daunting session for the  Sensex and Nifty which got pounded by around a percentage point after the Parliament’s first day of monsoon session failed to impress traders. The Sensex ended sharply lower in trades on Tuesday. The Sensex and Nifty traded on a highly volatile note as a slew of Nifty companies announced their first quarter numbers. The Sensex closed 238 points lower at 28182 and the Nifty fell 74 points to settle at 8529, below its crucial psychological level of 8600. Final hour of trade proved to be the curse for the markets and bourses settled below their crucial 28200 (Sensex) and 8550 (Nifty) levels. After trading in tight band for most part of the day’s trade, domestic gauges crashed like house of card in the last leg of trade. Investors remained concerned as monsoon session of the Parliament that begun today is expected to be volatile as the opposition likely to target the government over multiple scandals that erupted in the recent past.
For tomorrow you need to see the nifty staying below the 8600–8560 support area for the most part of the day to signal some unwinding of the erstwhile large long positions taken recently. Only when you see the index falling below 8525 on the back of heavy volume it would signal the onset of a much needed correction. On the other hand, if the index shrugs off yesterday’s indecision and moves above 8625 and stays there it would be an encore for the old story, the bulls marching ahead.
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RESISTANCE: 8550, 8590, 8630
SUPPORT:  8510, 8470, 8430

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