28 July 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 29 JULY 2016

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Volatility was there in the market today. Sensex surged by about 181 points to 28205, bringing up gains for the second straight day on sustained foreign fund inflows and persistent buying by investors as the Cabinet on Wednesday cleared changes in the GST Constitutional Amendment bill amid July derivatives expiry. The strengthening rupee against the dollar at the forex market and short-covering by participants with today being the last trading session of the July series of derivative contracts supported the up move. The Sensex ended with a gain of 184 points at 28209. The Sensex opened at 28109 touched an high of 28240 and low of 28065. The Nifty closed with a gain of 51 points at 8,666. The Nifty opened at 8,637 hitting a high of 8,674 and low of 8625.
For tomorrow nifty now tests key resistance at 8680. A strong rally beyond this level and the next key resistance at 8700 will strengthen the bullish momentum. In that case, the contract can rally to the 8730 and 8750 band. But the inability to move beyond 8625 will keep the index under selling pressure. A decisive fall below 8600 can pull the contract down to 8580 and then to 8550 levels. The next key supports are at 8530 and 8500 levels.
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Supports: 8,600 and 8,580
Resistances: 8680 and 8740

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