7 January 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 8 JAN 2016

"SELL NIFTY BELOW 7570 TG 7550,7520 SL 7600"
YESTERDAY'S NIFTY NOT EXECUTED
Sell-off continues!!! Nifty trades below 7,600 The Indian stock market fell sharply on Thursday after crash in China stock market. The Sensex plunged below 25000 for the first time since September 8, 2015, while Nifty slipped below 7,600 level, lowest since December 15. The Sensex fell below 26000-mark to hit its lowest level of 24825 in 52 weeks, weighed down by auto and commodity stocks. The index plunged 554 points at 24851. The Nifty crashed 172 points to 7568, after hitting an intraday low of 7556.
Nifty is very close to breaking its previous swing lows which could be a formality given the fear index spiking up. The next supports for Nifty would then arise near the 7530 mark and approx 824500 in Sensex. The market may continue to track global factors in near term, 7500 could be strong support on the Nifty.
NIFTY
Stop-long positions at 7720. Stop-short positions at 7860.
Big moves could go till 7650, 7920.
A long 7700p (87), short 7,600p (60) could gain 10-15 if the 7,700 level is hit.
BANK NIFTY
Stop-loss short positions at 16685. Stop-long positions at 16450. Big moves could go till 16900,16250. Downtrend may continue.
More about intraday tips on Google +
RESISTANCE: 7580, 7620, 7660
SUPPORT:  7520, 7500, 7480

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