16 July 2015

NIFTY OUTLOOK & NIFTY TRADING TIPS FOR 17 JULY 2015

"BUY ICICIBANK FUTUE ABOVE 319 TG 323/326.8 SL 313.5"
"SELL INDIACEM FUTURE BELOW 87 TG 85.8/84.4 SL 89.5"
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A bout of volatility was witnessed as key benchmark indices extended intraday gains in mid-afternoon trade. The barometer index, the Sensex, and the Nifty, both, hit their highest level in more than twelve weeks. The market breadth indicating the overall health of the market was positive. July has proved to be a good month for domestic stock markets, with the Nifty gaining nearly 3 per cent so far.The Sensex touched a 3-month high surging 247 points closing at 28446 while Nifty jumped 85 points settling at 8608.Bank Nifty too outperformed, trading at highest level since March 19, up 360 points at 19176.Nifty managed to close above a stiff resistance zone of 8550 today. Bank nifty showing strength and outperforming today was the highlight. The most interesting aspect of the markets here is that a lot of large caps and mid caps are showing life time high's, even though the indices are substantially away. It indicates the underlying strength in this uptrend.
Investors are going to stay alert towards the monsoon session of parliament next week where key proposals including land acquisition and national tax reforms are expected to be debated. The parliament session is expected to be volatile, with political scandals likely to disrupt proceedings and put land, labour and tax reform bills on the back burner. A host of initiatives by the government including the cabinet clearance of a proposal removing the distinction between different types of foreign investments through a composite cap gave a boost to the market. expectedly, the Bank Nifty lead from the front. Nifty, which has struggled around 8550-8560 levels managed to blast past this resistance and close above the psychological mark of 8600. The immediate resistance for Nifty is placed at 8850 while for Bank Nifty we see 19600 as critical resistance levels. Return of risk appetite after the Greek Parliament voted in favour of a new bailout plan provided bulls a shot in the arm. Besides, hopes that a fall in oil prices due to the Iran nuclear deal will lower import costs and interest rates added to the positive triggers.For tomorrow on the upside, the range between 8641 and 8661 is a strong supply zone. If it overcomes the supply zone without much of a problem then we are headed for a test of 8685 through 8725 next target zone. On the other hand, a slide below 8556 would mean a retest of 8500 quite likely.
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RESISTANCE: 8650, 8700, 8750
SUPPORT:  8600, 8550, 8500           

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