8 February 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 9 FEB 2016

IN BULLISH MOMENTUM:  
“BUY 2 LOT NIFTY ABOVE 7400 TGT 7430/7460”
IN BEARISH MOMENTUM: 
“SELL NIFTY BELOW 7370 TGT 7340/7300”
Market showed a disappointing performance in today’s trading session after a strong show in Friday’s trade. Sentiments remained down-beat with the report India’s economic recovery is losing some steam and there is a likelihood of slowdown in the growth momentum.  Nifty shuts below 7400 mark. Weak European markets coupled with heavy selling in the front line blue chip stocks in the last hour of trade dragged the benchmark indices Sensex and Nifty down over one-and 0.5% on Monday. The Sensex closed 329 points down at 24287. The Nifty closed at 7387 with a loss of 101 points. The Sensex opened at 24637, touched an intra-day high of 24699 and low of 24261. It finally ended with a loss of 330 points at 24287. The NSE Nifty opened at 7490 hitting a high of 7513 and low of 7363, before ending with a loss of 102 points at 7387.
The current downtrend to take NSE Nifty to 7310 level in the short-term, indicating that the pain may not subside anytime soon.  NSE Nifty has strong support around 7450 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. For Inability to decline below 7,360 and an immediate reversal from the intraday low of 7363 leaves the outlook positive and keeps the possibility high for the contract to break above 7455. A rise to 7475 and even 7500 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 7420 and for the target of 7475. The contract will come under pressure only if it declines below 7320. Such a fall can drag it lower to 7270 and 7250 thereafter.
More about intraday tips on Google +
Resistances: 7412, 7438, 7478

Supports: 7322, 7288, 7266

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