28 July 2015

NIFTY OUTLOOK FOR WEDNESDAY 29 JULY 2015

The markets pared early gains made in the morning trade and were unable to recover from Monday's steep sell-off with the Sensex ending 102 points lower at 27,459.23 and the Nifty dipping by 24 points to stand at 8337. The major downward trend can be attributed to the Chinese shares which sank yet again on Tuesday, a day after Shanghai's steepest slide in eight years, defying renewed government vows of support that analysts warned were not enough to settle nervous investors.
Technically, Nifty futures had turned weak having closed below 8350, the bears had a field day as they hammered the index to a two week low closing. On the higher side, though 8415 is the immediate resistance, 8438 is the strong supply zone now which must be taken out for signalling that the slide has stopped. It closed the day around an important level around 8340 and if this support is breached, it is likely to seek lower levels and then there will be chances of test o the 200 exponential moving averages around 8275. Below 8275 there could be a fresh bout of panic. A close above 8550 will, however, negate the bearish outlook.
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RESISTANCE: 8400, 8450, 8500
SUPPORT:  8350, 8300, 8250

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