5 October 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 6 OCT, 2015

RECLTD HIT FINAL TGT  282 & MADE HIGH OF 298.35
Nifty futures opened on a firm note and there was profit booking in the initial stages as it tuned range bound but it picked up momentum towards the end of session and closed on a buoyant note. Benchmark shares indices surged on Monday to end over 2% higher, amid firm global cues, after fears of an immediate rate hike by the US Federal Reserve dimmed after weaker-than-expected US jobs data.The Sensex ended up 565 points - its second biggest gain of the year - to close at 26786. The Sensex had gained 729 points. The Nifty also gained 165 points to close at 8119.
The level of 8145 is the immediate resistance which needs to be crossed decisively on closing basis for any show of strength by the bulls. It will then come up against the critical resistance zone between 8160 and 8175 and fresh momentum and renewed strength may be expected once these levels too are crossed decisively. A failure to cross these levels may find Nifty futures seeking lower levels yet once again. On the lower side, 8080 is the immediate support level below which it will find support in the 8030-7980 and 7960 region. 7950 is the critical support for now and a breach of this level may result in further unwinding by the bulls. Though the markets are exhibiting early signs of strength, one must exercise caution.
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RESISTANCE: 8130, 8180, 8230
SUPPORT:  8080, 8030, 7980

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