15 October 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR FRIDAY 16 OCT 2015

The Sensex ended up 230.48 points at 27010. The Nifty was up 71 points at 8179. About 1525 shares have advanced, 1187 shares declined, and 158 shares were unchanged. Snapping the three days long losing streak, the  Sensex surged over 250 points to reclaim its crucial psychological level of 27000 on Thursday tracking positive trend seen in other Asian markets as the US job data released on Wednesday dampened prospects of Federal rate hikes, while broader Nifty was nearing towards its key 8200 mark.
We continue to expect the Nifty to remain within a small range of 8250 to 8050 whilst the 8250 mark is likely to act as a major hurdle for the bulls. It's advisable to stay light on positions and focus more on stock specific moves. It was a small range day and an inside day for Nifty future as its range was encompassed within the range of the previous day. This makes the next trading session important as it is likely to give a breakout and trend in the direction of the breakout. The level of 8118 is the immediate support but the critical support is 8100-8085 and a decisive breach of this region will see the bears returning to the center stage again. The 8137 level is the immediate resistance but till such time that the 8170-8220 region is decisively crossed, the warring sides are evenly placed. 8152, 8170 and 8200, where the 200-day exponential moving average is posited are strong supply zones which must be taken out for signaling strength.
RESISTANCE 8220, 8260, 8300
SUPPORT 8140, 8100, 8040

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