30 September 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR THURSDAY 1 OCTOBER 2015

"YESTERDAY'S RELCAPITAL FUTURE CALL ROCKS..!!! ACHIEVED ALL THE TGTS"
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Market continued their upward trajectory on Wednesday after RBI cut key lending rates by 50 basis points on Tuesday. The bigger-than-expected rate cut from Reserve Bank of India has turned the undertone of Indian markets positive in the near term. Sensex and Nifty traded nearly 1 per cent higher today. Higher global markets also lifted the sentiment. The Sensex rose 300 points while Nifty was firm above 7900 in late trade. Nifty closed 1.35% higher at 7948. Markets are likely to see selling pressure at higher levels. 8050 is resistance level for Nifty.

The level of 8000 is the immediate resistance. For now, levels of 8045, and above that 8075 are the strong resistance points which must be decisively crossed on closing basis for any show of strength by the bulls. On the lower side, though the immediate support is around the levels of 7905, 7880 and a breach of the lower level of 7860 will find nifty future seeking lower levels of 7835 and 7820. A decisive breach of 7800 at this juncture could lead to fresh panic unwinding. However, in all likelihood, given the buoyant mood today’s trading session, we may expect a higher high and a short-term top around the level of 8030 - 8050. Upcoming Bihar (state) elections and the September quarter earnings season will make investors cautious.  Nifty could rise to 8200 levels, if 8050 is taken out.
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RESISTANCE: 7990, 8030, 8070

SUPPORT:  7920, 7880, 7840

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