8 April 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 11 APRIL 2016

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After falling for three consecutive trading sessions, the market shut shop with modest gains on Friday amid a choppy day. The Sensex ended with a loss of 12 points at 24674. The Sensex opened at 24666 touched an intra-day high of 24736 and low of 24609. The Nifty closed with a gain of nine points at 7555. The Nifty opened at 7542 hitting a high of 7569 and low of 7527. The Nifty is range-bound between 7525 and 7575. A breakout on either side of this range will decide the next leg of move for the contract. The contract could face strong intraday resistance between 7600 and 7650, which could restrict its upside in the near term. Traders with a short-term perspective can make use of an intraday rise to go short at 7510. Stop-loss can be placed at 7570 for the target of 7450.
Support for the contract is at 7450. A strong break below that level can take it to 7430.
Downside pressure will ease if the contract manages to break above 7650 decisively. The next targets will be 770 and 7730.
Strategy: Go short on rallies at 7520 with a stop-loss at 7570
Supports: 7510, 7450
Resistances: 7570, 7650

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