19 September 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 20 SEP 2016

"SELL TATAMOTORS FUTURE BELOW 554 TGT 551.40/548.60 SL 558.90"
"BUY IBREALEST 100 CALL @ 1 TGT 1.65/2.25"
The market ended with minor gains but the Nifty managed to close above 8800. Nifty ended marginally higher on Monday amid volatility, thanks to favorable cues both from the domestic and global front. Firm Asian markets led a positive start but prevailing cautiousness ahead policy meet of two major central banks, Bank of Japan and US Fed, capped upside. The Sensex ended with a gain of 36 points at 28635. The Sensex opened at 28627 touched an intra-day high of 28715 and low of 28553. The Nifty closed with a gain of 29 points at 8808. The Nifty opened at 8788 hitting a high of 8824 and low of 8774.
We reiterate our view to hold positive yet cautious approach till 8700 is intact in Nifty. The advance/decline ratio is biased towards advances indicating buying interest. Traders with a short-term perspective should tread with caution and consider initiating fresh long positions on a rally beyond 8825 levels. The contract can then extend its rally and test resistances at 8850 and 8875 levels in the near term. On the downside, a decisive fall below key support at 8775 is needed to alter the bullish momentum and drag the contract down to 8750 and then to 8700 levels.
Strategy: Initiate fresh long positions on a rally beyond 8825 levels with a fixed stop-loss of 8775
Supports: 8775 and 8750
Resistances: 8825 and 8850

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