7 October 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 10 OCT 2016

The week has ended on lackluster node. There was no positive trigger in the whole session. Sensex ended Friday's range-bound session 45 points lower and the Nifty settled below the crucial 8700 level as IT and energy shares came under selling pressure. Meanwhile, caution also prevailed ahead of a US jobs report due later in the day and the start of quarterly earnings season next week. The Sensex ended today’s trading with a loss of 45 points at 28061. It opened at 28129, touched an intra-day high of 28156 and low of 27965. The NSE Nifty closed with a loss of 12 points at 8698. It opened at 8722, hit an intra-day high of 8724 and low of 8664.
On the upside, the contract has significant resistances at 8750 and 8780 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8850 and 8900 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 8650 and 8600.
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Supports: 8650 and 8600
Resistances: 8750 and 8800

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