13 January 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 14 JAN 2016

“BUY NIFTY ABOVE 7590 TG 7615, 7630 SL 7550”
NIFTY
Start-long position at 7600.
Big moves could go till 7650, 7720.
A long 7600 c (91), long 7700 c (51) could gain 10-15
BANK NIFTY
start-long positions at 16000.
Big moves could go till 16100, 16200. Uptrend may continue.
After a roller coaster ride, the market managed to gain strength in last hour of trade Wednesday with the Nifty scaling back above 7500 aided by index heavyweights. Markets rebounded in late trades to end higher, amid a volatile trading session, led by index heavyweights. In a sudden reversal of trend, key benchmark indices slipped into the red from green in mid-morning trade. Sensex, was off 92 points at 24589. The sensex ended up 172 points at 24854 and the Nifty  ended up 52 points at 7562.
At this juncture, we are observing a strong resistance zone around 7600-7620 on a closing basis. The Nifty is likely to continue this down move as long as it maintains its position below the mentioned resistance zone. On the flip side, we have been observing a strong support around 7490 on an intraday basis. A move below this level may drag the index to 7450-7420 levels.
More about intraday tips on Google +
Supports: 7,600 and 7,580
Resistances: 7,490 and 7,450

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