NIFTY OUTLOOK & FREE NIFTY TIPS FOR 3 MAY 2016

"BANKINDIA FUTURE ABOVE 90.50 TGT 91.40/92.90 SL 89.20"

"SELL NIFTY FUTURE BELOW 7828 TGT 7812/7775 SL 7849"

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May 2016 started off on a weaker note for the Indian stock markets. Both Nifty and Sensex opened on a negative note, dragged down by ICICI Bank. Nifty hit below 7800 mark while the Sensex has shed 200 plus points and has hit below 25400 mark. All in all the markets have reported their third consecutive intraday fall. Sensex ended with a loss of 170 points at 25437. The Sensex opened at 25565 touched an intra-day high of 25565 and low of 25341. The Nifty closed with a loss of 44 points at 7806. The Nifty opened at 7823 hitting a high of 7830 and low of 7777.

Market weakened as investors turned cautious and March quarter numbers of top companies faced the wrath of investors, which pulled down the broader market. Further correction ahead in the market and suggest a 'stock-specific' approach. The market is still trying to find the lower end of the range. We are seeing some support around the 7780-7785 mark. The 7750 level is where I was looking at. Maybe, we will go there and then stabilize. Overall, this is a market which is likely to consolidate over the next few days.

Supports: 7800 and 7765

Resistances: 7850 and 7895