19 January 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR WEDNESDAY 20 JAN 2016

“BUY NIFTY ABOVE 7440 TG 7460,7499 SL 7410”
NIFTY
Start-long position ABOVE 7470.
Start short position BELOW 7400
Big moves could go till 7600, 7320.
BANK NIFTY
Start-long positions ABOVE 15350.
Start short position BELOW 15190
Big moves could go till 15600, 15000. Uptrend may continue.
Volatility was witnessed there in the market today. Bulls are back on the driver’s seat. Bulls took a charge over Dalal Street on Tuesday as global rally post China GDP data and short covering helped equity benchmarks snap four-day loss. Banking stocks along with index heavyweights like Reliance Industries and L&T drove market higher. The broader markets outperformed benchmarks. Sensex snapped three-day losing streak on Tuesday. The Sensex closed 291 points higher at 24479 and the Nifty ended with 1 % gains at 7435. The gains in the markets were mainly led by banking, energy and infra stocks.
On the upside, 7450 through 7480 would be the first supply zone to watch out for—once this range is taken out we can expect another dash at the 7500 or higher levels. Further up, resistance is likely to be felt between 7530 and 7550. On the other hand, if it were to go down below 7380 and sustain there it is likely to get good support between 7350 and 7330.
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Resistance: 7450, 7500, 7550
Support: 7400, 7350, 7300

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