NIFTY OUTLOOK & FREE NIFTY TIPS FOR 8 DEC 2015

 "SELL NIFTY 2 LOT BELOW 7800 TG 7770,7750 SL 7830"

Markets made a strong opening in line with Asian markets traded after strong US jobs data which strengthened expectations of Fed rate hike later this month. But shed all the day’s gains during mid-trade on the back of continued sell-off by foreign portfolio investors. Further, continued fall in crude prices has increased the fears of global economic slowdown. Overall market breadth for the day remained positive and advances to declines ratio for Nifty stood at 27:21 for the day. Share price of Hindalco in the Nifty50 index remained unchanged. Traders also remained concerned ahead of the US Federal Reserve’s meeting next week, where it is widely expected to raise rates for the first time in about a decade. The Sensex ended the day 108 points lower, while broader CNX Nifty settled below its key 7800-mark. Nifty closed 16 points down at 7765.

A gap down opening was followed by further slide as nifty future headed towards the 800 region but steered clear of breaking this important support though the underlying spot Nifty breached it. Below 7700 level, further offloading by the bulls is likely as the bears tighten their grip. If, however, 7820-7855 regions hold, a weak pull back to the 7900 region may be expected. It must clear the 8005 region decisively for signaling that it is out of the woods.

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Resistance: 7790, 7840, 7890

Support: 7740, 7690, 7640