28 September 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 29 SEP 2015

"BUY 1 LOT BANKNIFTY 18000 CALL @ 210 TG 290 SL 160"
"BUY ICICIBANK 250 PUT @ 4.7 TG 7.4 SL 2.10"
The Indian markets fell sharply today ahead of the Reserve Bank of India policy review tomorrow. The apex bank will conduct its fourth bi-monthly monetary policy review on September 29. The central bank is expected to cut its key repo rate by at least 25 basis points, but investors' focus would be squarely on the tone of the central bank at a time when both the WPI and retail inflation are falling. Weak global cues also dampened investor sentiment. Market participants preferred to maintain light trading positions in the run-up to the RBI policy meet. The investor sentiments turning bearish a day ahead of the fourth bi-monthly monetary policy review of the Reserve Bank of India (RBI), a barometer index of Indian equities closed 246 points down on Monday.Today, the Sensex, which opened at 25922 points, closed at 25616 points - 246 points down from the previous day's close at 25863 points. The Nifty too closed in the red. It shed 72 points at 7795 points.
The level 7855 is the immediate resistance which must be crossed decisively for the initial signal of strength. A failure to cross this region could push this index further down for gaining gumption to cross this important resistance. It must move above 7920 for any semblance of strength and sustain decisively above 8020-8055 on closing basis for fresh momentum. On the lower side, 7750-7720 is the immediate support zone and a breach of this region could lead to further downswing. 7700 and 7680 are important supports and a decisive breach of 7650 at this juncture could lead to fresh panic unwinding.
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RESISTANCE: 7840, 7900, 7960
SUPPORT:  7780, 7720, 7660

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