22 August 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 23 AUG 2016

"BUY DLF 165 PUT@2.70 TGT 3.85/4.20 SL 1.4"
"BUY HINDUNILVR FUTURE ABOVE 932.40 TGT 934.90/938.85 SL 925.50"

The market gave a muted reaction to Urjit Patel’s appointment as the new RBI Governor, with both indices slipped into negative territory.  Reserve Bank of India deputy governor Urjit Patel as new RBI governor. Patel is known for his hawkish view on inflation just like Raghuram Rajan whose term as the RBI governor ends on 4 September 2016. Patel will take charge as RBI governor for a 3 year term from 4 September 2016. The Sensex ended with a loss of 91 points at 27956. The Sensex opened at 28088 touched an intra-day high of 28143 and low of 27918. The Nifty closed with a loss of 38 points at 8629. The Nifty opened at 8667 hitting a high of 8685 and low of 8614.
Bias is still positive but since we're closer to the F&O expiry of August series, traders should maintain cautious approach especially in index trades. For tomorrow nifty now tests key resistance at 8650. 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 8620 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: 8600 and 8550
Resistances: 8670 and 8750

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