17 May 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 18 MAY 2016

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Market sentiments remained upbeat following exit polls at the end of polling in Assam, showed BJP winning the elections for the first time. Both the indices nifty & sensex extended their gains for the second straight day on Tuesday on account of firm global cues. The Sensex closed 120 points up at 25773, while Nifty closed 30 points up at 7890. The Sensex ended with a gain of 120 points at 25775. The Sensex opened at 25756 touched an intraday high of 25927 and low of 25734. The Nifty closed with a gain of 30 points at 7891. The Nifty opened at 7897 hitting a high of 7940 and low of 7880.
We continue to maintain a bullish on the market. The earning season is holding up and there are no major negative sentiments with regard to corporate earnings. We expect this sentiment to carry forward over the next few weeks and therefore expect markets to move at least 50 points beyond 8000. On the downside, we expect the immediate support at 7750 to hold over the next few trading sessions.
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RESISTANCE: 8000, 8050, 8100
SUPPORT:  7900, 7850, 7800

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