14 July 2015

NIFTY OUTLOOK & TRADING TIPS FOR WEDNESDAY 15 JULY 2015

Lackluster moment was there in the market today. The index posted a great rally following the done deal with Greece and its European creditors or bail out givers. Markets all over cheered on this and we saw sharp rallies all over. Indian stocks open higher taking positive cues from the Asian markets after Greece clinched bailout deal. The benchmark Sensex slipped 28 points to settle at 27933 and the Nifty fell 5 points to close at 8454 amid a lackluster trading session. For the most part of the day, the Sensex and Nifty traded in a tight range. The Sensex for a brief period moved above its crucial psychological level of 28,000 and low of 27,853.96 while the Nifty traded in a range of 56 points.
Tomorrow, we need to be vigilant about the levels between 8470 and 8474, which is its immediate resistance as well. Unless this range is decisively taken out further upswing could well be on the cards, and in that case a test of the 8509-mark is also likely. If you were to see the index coming down on profit taking it could well be moving towards 8420 on retracement. However, so long as does not fall below 8350 on closing price basis, the bulls would retain the initiative and can bring in a lot of buying demand on any corrective fall in the market.
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RESISTANCE: 8500, 8550, 8600
SUPPORT:  8450, 8400, 8350

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