23 November 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 24 NOVEMBER 2015

“SELL NIFTY BELOW 7820 TG 7790,7760 SL 7840”
FOR EQUITY TIPS VISIT CASH TIPS
The domestic markets ended lower in trade on Monday, swinging between minor gains and losses for most of the session. Markets have closed the session marginally lower, as investors remained cautious ahead of unscheduled meet of the US Federal Reserve later in the day.   Market Sentiment turned cautious ahead of the expiry of derivative contracts in a holiday-shortened week. The sensex closed 49 points lower at 25819 and the Nifty slipped 7 points at 7849. Market breadth remained negative with 17 of the 30 Sensex components ending the day in red. All eyes will be on December. There is a bit of caution going forward, there is our own rate action and the Fed rate action, which people are watching. The Market may remain cautious on account of factors like expiry which is due on Thursday, 26th Nov and the start of the winter session on the same day. In the meantime, global market may remain cautious as the focus is on the Fed rate hike which is likely to happen in Dec’15 – Jan’16.
The derivatives expiry for the month of November and the commencement of winter session of the Parliament kept the market players on the edge. Nifty closed the day in the negative but held on to the 7800 region on declines and till such time that this level is breached decisively, chances of pull back are there. The 7880-7900 remains the critical resistance and the bulls must absorb the supply in this region and move decisively above this zone for any show of strength. On the lower side, 7820 is the immediate support. 7800-7780 are important support zones and weakness will be signalled if breached. 7750 is a key support and if taken out may bring in panic supplies and may lead to 7730, 7700 levels.
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Resistance: 7860, 7900, 7940
Support: 7820, 7780, 7740

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