1 June 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 2 JUNE 2016

"BUY COALINDIA FUT ABOVE 302 TGT 310-315 SL 295"
Market was ended in green on Wednesday due to increased buying by funds and investors driven by better-than-expected GDP data but the movement of market was completely range bound. The Sensex ended with a gain of 47 points at 26714. The Sensex opened at 26668 touched an intra-day high of 26857 and low of 26672. The NSE Nifty closed with a gain of 19 points at 8180. The NSE Nifty opened at 8179 hit a high of 8215 and low of 8171.The near term outlook will remain bullish as long as the contract trades above 8150 levels. If nifty breaks the 8150 level traders can make use of rallies to initiate fresh short position with a stop-loss at 8170 for the level of 8000. Resumption of the down-move can drag the contract down to test the immediate support at 8100. Selling pressure will intensify on a downward break through the key support at 8070 and drag the contract down to 8030 and 8000 in the near term.
On the upside, the contract needs to decisively break through the key resistance at 8250 for an up-move to 8300 levels. Resistances above this level are at 8350 and 8400 levels.
SUPPORTS: 8150 AND 8100
RESISTANCES: 8250 AND 8300

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