20 August 2015

NIFTY OUTLOOK FOR FRIDAY 21 AUGUST 2015

Bearishness was witnessed in the market. Today bears were successfully to take nifty away from its comfortable zone of 8400. Today session started with negative note, and was continuously declined, concerns over falling rupee amid weak global markets weighed down market sentiments. Markets closed the session on a dismal note, amid weak global cues, on a broad based sell-off across the counters with Banks, IT and Metal stocks contributing the most to the decline. Meanwhile, caution prevailed on the bourses after the Fed released the minutes of its latest policy meeting stating that the conditions for a rate hike are approaching. Provisionally, the sensex slumped 286 points to close at 27647 and the Nifty slipped 111 points to end at 8384.
It would be a bearish trend for the market till expiry. In nifty chances of correction would be there, correction would not be for 200-300 points but 75-100 points’ correction looks very likely. For tomorrow 8430-8450 will act as strong resistance level for nifty, if it failures to take this level then, it will take nifty to 8370-8350 level. Overall sideways to negative, & sell on rallies for Friday.
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RESISTANCE: 8450, 8520, 8590
SUPPORT:  8380, 8310, 8240            

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