2 September 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 6 SEP 2016

The markets are in a consolidation phase after hitting 52-week highs earlier in the week. Today on week ended Friday the market opened higher led by gains in auto companies and ahead of US jobs data, which is expected to came in stronger, thus raising chances of a Federal Reserve rate hike soon. Late buying helped the Nifty close above psychological 8800 level for the first time since April 2015, driven by banks, auto and telecom stocks The Sensex ended with a gain of 109 points at 28532. The Sensex opened at 28499 touched an intra-day high of 28582 and low of 28428.
The positive momentum to continue in medium term on hopes of earnings recovery in H2FY17 but there may be some profit booking next week due to outflow of money from domestic investors for advance tax payment. After three years of earnings downgrade, earnings upgrade cycle could possibly start post September and that could be the single largest trigger for the market. Positive for the whole September series, expecting 9000 on the Nifty but would be cautious for the next truncated week.
The market will remain shut on Monday for Ganesh Chaturthi holiday. 
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Supports: 8700 and 8650
Resistances: 8850 and 8900

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