NIFTY OUTLOOK & FREE NIFTY TIPS MONDAY 2 MAY 2016

The headline indices kicked of May derivatives series on a tepid note tracking negative trend seen in Asian and European markets as the follow-through from Thursday's Bank of Japan decision weighed on the sentiment. In a highly volatile trade, the  Sensex on Friday ended flat below its crucial psychological level of 26,000, while Nifty also settled the day below its key 7850-mark.The Sensex falling 149 points to 25453. The Nifty declined 44 points to 7802.

Today nifty has broken below the important 7900-7850 support zone and fell sharply to close at 7802. Now, the closing level 7802 will work as an important level pivot level. A reversal from 7800 can drag the contract lower to 7750. A strong break below 7740 can take the index futures further lower to 7720 and 7700.

Supports: 7850, 7900

Resistances: 7800, 7750