3 February 2016

NIFTY OUTLOOK & FREE NIFTY & BANKNIFTY TIPS FOR WEDNESDAY 4 FEB 2016

FOR MORE ROCKING CALL FILL UP THE FORM GIVEN HERE>>>>
“BUY NIFTY ABOVE 7400 TG 7430,7470 SL 7350”
“BUY BANKNIFTY ABOVE 15000 TG 15090,15200 SL 14850”
The equity market bled on Wednesday amid weak global cues, with power and bank stocks coming under bear hammering. The market caught in bear grip, continuing southward journey for third consecutive session on global rout post sharp fall in crude oil prices yesterday. The BSE Sensex fell 315 points to 24223 and the NSE Nifty ended below 7400-mark, down 93 points to 7361.
The market has not been able to rally. We continue to have a sell call on Nifty as well as Bank Nifty. Particularly with Bank Nifty, the pain has not yet gone away; the current downtrend to take NSE Nifty to 7250 level in the short-term, indicating that the pain may not subside anytime soon.  NSE Nifty has strong support around 7200 or thereabouts from where the market rebounded many times earlier. But with the budget in the offing, people would be discussing that over the next couple of weeks and that might offer some support. Plus, FIIs have been continuous sellers and it looks like domestic investors are also joining the party. It is very difficult to put a number on the index and say okay this is where it will go. The fact of the matter is that the index has now more or less fully priced in current year earnings, which do not leave you with any upside from here.

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Resistances:: 7412, 7438, 7478
 Support : 7322, 7288, 7266

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