6 August 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR FRIDAY 7 AUGUST 2015

The Sensex rose 75 points to 28298 on Thursday in a volatile trading session. The key benchmark index opened at 28291 and touched a high and low of 28359 and 28163, respectively. Similarly, Nifty index on the National Stock Exchange ended 19 points higher at 8587. Nifty opened at 8585 and touched a high and low of 8606 and 8551 on Thursday.
Nifty future opened on a firm note and maintained in the 8600-8560 zone for the almost entire trading session and has closed in the positive. It has closed above an important support around 8585. Though it made inroads into the 8600 zone when it tested the high of 8606, it failed to close within the 8600 zone. 8600 is proving to be the major hurdle on its way up and this region must be taken out for fresh momentum. On the lower side, 8590 is the immediate support but 8564 is the important demand line and as long as this holds on dips, bullish trend will continue to remain strong. There are many supports in the 8530- 8490 region but the critical level is around 8455-8450 and a close below this level will signal weakness.
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RESISTANCE: 8650, 8680, 8710
SUPPORT:  8620, 8590, 8560

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