4 December 2015

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 7 DEC 2015

The market saw no respite as the benchmark indices extended their losing streak for the third consecutive trading session. Sentiment was hit after the Indian rupee further weakened against the US Dollar heading towards the Rs67 per dollar mark.  The BSE Sensex opened at 25810, touched an intra-day high of 25810 and low of 25624. It finally ended with a loss of 249 points at 25638. The NSE Nifty opened at 7818 hitting a high of 7821 and low of 7775, before ending with a loss of 82 points at 7782. Nifty further declined today and found support at the 7780 levels. If the index breaches below the same, we expect selling pressure to intensify in the coming days. Market direction would also depend on the global cues, domestically. The coming week promises to be full of action. Among the major macro-economic data on tap are the Q3 BoP Current Account Balance, exports & import data for the month of November and October Industrial Production data.
Nifty Future failed to clear the 7850 resistance attempted in the latter half of the session and tumbled to close the day in the red, below the 7800 level. A decisive breach of the 7750 region will signal fresh bearishness and accentuate the downswing leading to retest of the 7835, 7717-7706 region. Below 7717 level, further offloading by the bulls is likely as the bears tighten their grip. If, however, 7850-7870 region holds, a weak pull back to the 7890 region may be expected. It must clear the 7910 region decisively for signaling that it is out of the woods which seems to be a tall order for now.
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Resistance: 7850, 7900, 7950
Support: 7870, 7820, 7770

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