23 December 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR THURSDAY 24 DEC 2015

"BUY NIFTY ABOVE 7855 TG 7895,7920 SL 7820"
Jingle on the Street!!!! The Santa rally is happening in the market now which we have predicted earlier. In today’s trading session bulls has crossed the hurdle of 7850, & closed at 7866. The NSE Nifty opened at 7830 hitting a high of 7871 and low of 7826.
The S&P BSE Sensex ended 260 points up to hit their highest level in nearly three weeks in trade on Wednesday; The BSE Sensex opened at 25698, touched an intra-day high of 25875 and low of 25690. It finally ended with a gain of 260 points at 25850. While broader CNX Nifty topped its key support level of 7850. Domestic markets rose as foreign selling pressure remained absent ahead of year-end holidays, and following overnight gains on Wall Street after data showed the US economy grew at a healthy clip in the third quarter. Market breadth remained extremely positive with 28 of the 30 Sensex components ending the day in green.
Markets have been rangebound over the past few sessions and would continue to do so till the expiry of December F&O contracts next week. The level 7880-7910 is the immediate resistance but the 7930-7950 region is a strong supply zone and this needs to be absorbed decisively for fresh momentum. 7790-7750 is the important support and a decisive breach of this region will be bearish and lead to test of lower supports again.
Stock exchanges will remain closed on Friday on account of Christmas Day holiday. Further, the winter session of the parliament ends today.
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RESISTANCE: 7880, 7930, 7980
SUPPORT:  7790, 7740, 7690

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