20 April 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 21 APRIL 2016

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The Sensex and the Nifty ended near flat on Wednesday after hitting their highest level in more than three months earlier in the session. Markets ended flat amid choppy trades shrugging off weak global cues with the Nifty rising 5% in the past six consecutive trading sessions. The Sensex ended with a gain of 27 points at 25844. The Sensex opened at 25942 touched an intra-day high of 25956 and low of 25716. The Nifty closed at 7915. The NSE Nifty opened at 7950 hitting a high of 7950.40 and low of 7877.
Short-term traders with high risk appetite can go long. Stop-loss can be kept at 7850 for the target of 7950. Intraday dips to 7910 and 7880 can be used to accumulate longs.
At the moment, there are no positive triggers that could drive markets upwards, so we could see a range-bound trend between 7850 to 7950 on Nifty. Supports for the contract are at 7850 and 7820.
Nifty50 rallied by 5% in six trading sessions, therefore, profit booking can be seen at higher levels. The index is nearing major resistance area of 7980 which is almost double top before, breaking which would open 8200-8250 on higher side.
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Strategy: Go long with a stop-loss at 7870
Supports: 7870, 7840
Resistances: 7930, 7980

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