7 August 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 10 AUGUST 2015

FUTURE :
“BULLISH KOTAKBANK ABOVE  716 TGT  722/730”
“BEARISH KOTAKBANK BELOW 706  TGT 696/690”
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Domestic equity markets opened on a flat note on Friday. The markets today showed sideways movements taking cues from global markets. Also the weakness some of the heavy weight counters kept the markets under pressure. Market participants were taken a cautious approach ahead of US job data that could act as a strong cue to when the Fed will raise interest rates. Markets continue to trade in consolidation mood; shutting the last day of the week lower. Disappointing earnings by State-run BHEL and profit booking in select banks, financials and pharma stocks dragged the indices lower. Investors prefer to book profit ahead of key US marco economic data which will be released tonight.
Nifty today closed at 8564 down around 24 points.. The Sensex and NSE Nifty closed in red on Friday following weak industrial earnings. The Sensex and Nifty ended down at 28236 and 8564 respectively. The market is showing signs of fatigue after the strong outperformance it put up during the last 2 months. The future performance of the markets will depend on the improvement in business confidence which is still low as well as the uptrend in business volume in 2HFY16. The highest risk is that the market has high hopes of increasing earnings in the latter half of the fiscal year. It is a continuation formation on the charts since a higher low and higher high was posted in this session. Having closed above 8600 after a few failed attempts, this region will be crucial in determining the movement for the day. It is the immediate support and as long as this holds on dips, the going is to be strong with 8700 as the net target. Below 8600, support will be found in the 8590, 8565, 8530, 8500 region but the critical level is around 8475-8470 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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