14 October 2016

NIFTY OOUTLOOK & FREE NIFTY TIPS FOR 17 OCT 2016

The Indian equity market opened in green after massive cuts yesterday and also rebound in Asian markets. India’s annual rate of inflation based on wholesale prices eased on a month-on-month basis to 3.57% in September from 3.74 % in August. The Sensex ended 30 points higher at 27673 and Nifty jumped 10 points to close at 8583. The BSE Sensex ended with a gain of 30 points at 28507. The BSE Sensex opened at 27712 touched an intra-day high of 27764 and low of 27548. The NSE Nifty closed with a gain of 10 points at 8583. The NSE Nifty opened at 8594 hitting a high of 8604 and low of 8549.

On the upside, the Nifty has significant resistances at 8650 and 8700 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8750 and 8800 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 8550 and 8500.
More about on Google +
Supports: 8550 and 8500

Resistances: 8650 and 8700

No comments:

Post a Comment