16 August 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 17 AUG 2016

Market mood stood down beat. The Indian stock market opened lower on Tuesday. The key benchmark is trading lower after disappointing macroeconomic data and weak trend in Asian markets. India's retail inflation hit a two-year high of 6.07% in July and the country's merchandise exports contracted 6.84% from a year earlier in the month, after a marginal rise in June.  The Sensex ended with a loss of 88 points at 28064. The Nifty closed with a loss of 30 points at 8642.
Traders with a short-term perspective can make use of rallies to initiate fresh short positions with a stop-loss at 8675 levels. Continuation of the down move can make the contract retest the supports at 8550 and then 8500. Further fall below 8500 can find supports at 8480 and 8450 levels. On the other hand, key resistances are placed at 8650 , 8675 and 8700 levels.
Supports: 8555 and 8500
Resistances: 8650 and 8700          

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