28 April 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 29 APRIL 2016

"FABULOUS RECOMMENDATION OF NIFTY(CALL & PUT)"
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Expiry and Bank of Japan's move is what led the market down tick today, Market fall over 1%, tracking bearish regional markets after the Bank of Japan unexpectedly chose not to expand its monetary stimulus and as sentiment remained subdued amid the expiry of April derivative contracts. The  Sensex and Nifty nosedived over 1.50 % today on account of selling in frontline blue chip counters amid F&O expiry. BOJ also surprised investors by deciding against any fresh market stimulus despite shocking data that underlined the huge problems facing the country’s economy. The Sensex crashed 461 points to close at 25603. Markets opened for the day on a flat note and remained weak throughout the day. The little that we knew before the market opened was that sentiment was weak in global markets. It went from bad to worse as the day progressed. The NSE Nifty closed with a loss of 133 points at 7847, largely driven by banking and metals heavyweights. Bank Nifty was up another 3.5% expiry to expiry and Nifty was up 1% basis. Markets starting next month series with build-up seen at 8200 calls and 7700 puts, which could be the trading band for the May series.
Today there was also a bit of caution in the wake of settlement of April series of derivatives contracts, which made investors skittish. Going forward, the market may trade sideways.
We expect the profit booking to continue over the next few trading sessions. Traders should note that the current decline presents a good opportunity to set up long trades at lower levels as the underlying sentiment is still bullish.
Tomorrow will be the week ended Friday. Today nifty has broken below the important 7900-7850 support zone and fell sharply to make an intraday low of 7832 & closed at 7847. Now, the closing level 7847 will work as an important level pivot level. A reversal from 7830 can drag the contract lower to 7800. A strong break below 7790 can take the index futures further lower to 7750 and 7700.
Short-term traders with high-risk appetite can wait for a rise to go short at 7880. Stop-loss can be kept at 7940 for the target of 7830.
Strategy: Wait for a rise and go short at 7880 with a stop-loss at 7940
Supports: 7880, 7950
Resistances: 7820, 7750

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