1 April 2016

NIFTY OUTLOOK & FREE NIFTY & BANKNIFTY TIPS FOR 4 APRIL 2016

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The market turned lackluster at the start of the new financial year as the dragging manufacturing data in euro zone forced investors to book profit. The Nifty futures April contract started the session on a negative note at 7754 and continued to trade in the negative territory. After marking an intra-day high at 7772, the contract began to decline experiencing selling pressure. Moreover, the contract witnessed selling pressure in intra-day rallies. Nifty closed the first day of fiscal 2017 in red on account of profit booking amid weak global cues. The Sensex ended with a loss of 72 points at 25270. The Sensex opened at 25302 touched an intra-day high of 24355 and low of 25119. The Nifty closed with a loss of 25 points at 7713. The Nifty opened at 7718 hitting a high of 7740 and low of 7666.
Traders with a short-term perspective can make use of rallies to initiate fresh short position with a stop-loss at 7750. Resumption of the down-move can drag the contract down to test the immediate support at 7600. Selling pressure will intensify on a downward break through the key support at 7680 and drag the contract down to 7650 and 7620 in the near term.
On the upside, the contract needs to decisively break through the key resistance at 7765 for an up-move to 7800 levels. Resistances above this level are at 7825 and 7850 levels.
STRATEGY: GO SHORT IN RALLIES WITH STOP-LOSS AT 7,750 LEVELS
SUPPORTS: 7700 AND 7640
RESISTANCES: 7750 AND 7800

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