NIFTY OUTLOOK & FREE NIFTY TIPS FOR 13 MAY 2016

"BUY AXISBANK 520 CALL @ 3 TGT  7/9"

"SELL BANKNIFTY FUTURE @ 16980 TGT 16940/16900 SL 17050"

It was a see-saw trading day for today. After a dismal trading session yesterday, markets bounced back today owing to a spectacular rally in bank stocks after the Rajya Sabha approved the Bankruptcy Bill. The sentiment also got some support after a UN report said that despite delay in domestic policy reforms, India’s economy is slowly gaining momentum and is projected to grow by 7.3 % this year. Markets held its gains throughout the trading session and managed to close on a positive territory. The Sensex closed 193 points up at 25790, while the Nifty index settled 51 points up at 7900. The Sensex opened at 25685 touched an intra-day high of 25827 and low of 25620. The NSE Nifty opened at 7871 hitting a high of 7916 and low of 7850. Derivative traders can initiate a slightly aggressive bull call spread by buying the 8000 Call and selling the 8200 puts for a net debit of 47 points. The risk reward is favorable considering max loss is capped to 47 for a maximum profit of 153 points.

For Thursday we are expecting some good movement from the market we need to watch out for the levels between 7930 - 7955 to begin with on the upside if the Nifty manages to stay above this range we would see it moving up further. In that case, the next range to monitor would be between 7970 and 7995—this is formidable resistance zone once crossed firmly would see the Nifty scaling up to the zone between 8000 and 8050  and beyond that 8100. Level 7850 will be proved as very good supporting level for Nifty, .If once it go to 7850 then there will higher probability for Nifty to touch 7825-7775 level once again.

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RESISTANCE: 7930, 7960, 7990

SUPPORT:  7850, 7800, 7770