5 April 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 6 APRIL 2016

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TATAMOTORS FUTURE NOT EXECUTED.
For the day, market stayed in the red zone throughout the session sensex cracked below the 25,000-mark to hit a low of 24837 after RBI announced its first bi-monthly monetary review for 2016-17. It finally settled at 24883 after falling 516 points. This was sensex biggest single-day fall since February 11. The Nifty after dipping below the psychological 7600-level, touched a low of 7588, before settling 155 points at 7603.
The Reserve Bank of India (RBI)  slashing the repo rate by 25 basis points, which was in line with market expectations.  The Sensex opened at 25372 touched an intra-day high of 25372 and low of 24837. The Nifty closed with a loss of 156 points at 7603. The Nifty opened at 7736 hitting a high of 7736 and low of 7603.
It is currently hovering above a support at 7600 level. The bias on the chart suggests that the contract can decline below this immediate support and extend its down move to 7560 and 7510. Short-term traders with high risk appetite can go short. Stop-loss can be placed at 7665 for the target of 7535. Important resistances are in between 7680 and 7700 and then at 7730. A strong break above 7750 can boost the bullish momentum and take the contract further higher.
Strategy: Go short with a stop-loss at 7665
Supports: 7680, 7650
Resistances: 7720, 7750

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