16 March 2016

NIFTY OUTLOOK & FREE NIFTY & BANKNIFTY TIPS FOR 17 MARCH 2016

SELL DLF FUTURE BELOW 105 TGT 104.20/103.40 SL 106.40
BUY 2 LOTS BANKNIFTY 16000 CALL @ 110 TGT 150/177
Today market managed to close with some gains on Wednesday amid a sudden bout of buying at the fag end. The Nifty was just shy off the 7500 mark. Markets had opened on a flat note and lost further ground imitating overnight losses in the US and the Asian markets. . The market smartly reversed from its day low as investors factored the consensus of no rate hike in Fed policy action later today. The glimpse of positive recovery in Europe has also favored the market sentiment. Finally Sensex ended with a gain of 131 points at 24628. The BSE Sensex opened at 24537 touched an intra-day high of 24706 and low of 24355. The Nifty closed with a gain of 38 points at 7499. The Nifty opened at 7457 hitting a high of 7508 and low of 7405.
The Nifty futures contract opened on a flat note at 7485 and recording an intra-day high at 7495. But, experiencing selling pressure, the contract entered the negative territory and is down 0.6 per cent. It recorded an intra-day low so far at 7431. The near-term outlook is bearish.
Traders can make use of rallies to sell the contract while maintaining a stop-loss at 7,470 levels. A decisive fall below 7430 can drag it down to 7400. Key supports below this level are at 7370 and 7350. Immediate resistances are at 7510 and 7550. Strong break through7580 can strengthen the uptrend and take the contract to 7600 and 7650 levels.
Supports: 7430 and 7400
Resistances: 7510 and 7550

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