8 June 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 9 JUNE 2016

"BUY ICICIBANK FUTURE ABOVE 254 TG 255.9,258.4 SL 251.6"
"BUY 1 LOT VEDL 120 CALL @ 1.7 TG 2.8/3.9 SL .90"
Choppy day!!! Lack of movement was there in the market on Wednesday June 8, 2016. After opening on a flat note, market was stuck in a narrow trading range throughout the day clocking in minuscule gains.   The Sensex settled the day flat but above its crucial psychological level of 27000, while the broader nifty held above its key support level of 8250. The headline indices swung between gains and losses as investors booked profits on recent outperformers, but defence stocks rose after the United States recognized the country as a "major defence partner" during Prime Minister Narendra Modi's ongoing US visit. The Sensex ended with a gain of 11 points at 27021. The Sensex opened at 27085 touched an intra-day high of 27105 and low of 26973. The Nifty closed with a gain of mere seven points at 8273. The Nifty opened at 8286 hitting a high of 8289 and low of 8252.
Markets will see periodic profit-taking, especially ahead of key events this month, including the US Federal Reserve policy meeting next week and Britain's June 23 referendum on whether to leave the European Union.
For tomorrow on the upside, the contract needs to decisively break through the key resistance at 9300 for an up-move to 9330 levels. Resistances above this level are at 8350 and 8400 levels. On the downside, level 8250 will work as very strong supporting level if nifty breaks 8250 level then once again the 8200 levels going to be the target for the bears.
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SUPPORTS: 8250 AND 8200
RESISTANCES: 8300 AND 8350

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