5 February 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 8 FEB 2016





















Fantastic Friday!!!! Nifty ends above 7450 level. The Sensex extended gains in trade on Friday to end 278 points higher, while broader CNX Nifty closed above its key 7,450-mark. The BSE Sensex opened at 24360, touched an intra-day high of 24613 and low of 24346. It finally ended with a gain of 279 points at 24617. The NSE Nifty opened at 7418 hitting a high of 7503 and low of 7407, before ending with a gain of 85 points at 7489. The Sensex and NSE Nifty gained over 1 per cent on Friday on account of value buying amid stabilized crude oil prices. The Sensex closed 278 points up at 24616, while Nifty 50 index settled 85 points up at 7489. We have to wait and watch whether these changes are likely to be maintained which can improve FIIs inflow to India. US payroll data will be released today and is expected to be lower than earlier which will make a FED rate hike in March to be unlikely.
Nifty future is currently hovering in the 7445-7465 resistance zones. Inability to decline below 7400 and an immediate reversal from the intraday low of 7407 leaves the outlook positive and keeps the possibility high for the contract to break above 7490. A rise to 7490 and even 7555 looks likely. Immediate support is at 7,430 which is likely to limit the downside. Short-term traders with high risk appetite can go long with a tight stop-loss at 7455 and for the target of 7530. The contract will come under pressure only if it declines below 7400. Such a fall can drag it lower to 7370 and 7350 thereafter.
Strategy: Go long with a stop-loss at 7455.
More about intraday tips on Google +
Resistances: 7520, 7550
Supports: 7450, 7,430

1 comment:

  1. Hi mantri,
    i think we will see a doji on monday.
    regards

    ReplyDelete