NIFTY OUTLOOK & FREE NIFTY TIPS FOR 22 JUNE 2016

 "BUY NIFTY ABOVE 8240 TGT 8290/8330 SL 8195"

Sensex ended with a loss of 54 points at 26,813. and low of 26,755.The Nifty closed with a loss of 19 points at 8,220. and low of 8,202. Profit booking combined with negative global cues and a weak rupee dampened the sentiment. The Nifty  futures contract opened with a flat note  at 8257 and made a high of 8257. However, the contract failed to sustain its bullish momentum and has come off sharply from the day’s high.It is currently stuck in a narrow range. Support is at 8200 and resistance is at 8275. A strong breakout on either side of these levels will decide the next direction of move for the contract. Traders can wait on the sidelines until the breakout gives a clear trade signal.
A strong break below 8200 will increase the downside pressure and drag it to 8000. Traders can go short a break below 8200 with a stop-loss at 8250 for the target of 8120.
On the other hand, a decisive break above 8275 will ease the downside pressure and take the index futures higher to 8300 and 8400 thereafter.
Supports: 8200, 8150
Resistances: 8270, 8320