19 October 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 20 OCT 2016

“BUY NIFTY 8700 PUT @ 80 TG 110 /140 SL 44”
“BUY HINDALCO FUTURE ABOVE 154.2 TG 157.9/159.5 SL 151.2”

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Today Indian stock market swung between gains and losses on account of profit taking after making a higher opening mirroring positive trend among global peers. The domestic market opened flat on Wednesday after GST council proposed a 'four-slab structure,' with two standard goods and services tax rates of 12% and 18% during its meet on Tuesday. The BSE Sensex on Wednesday fell 66 points to end below 28000, while the broader NSE NIfty managed to hold above its crucial 8650 level. The BSE Sensex ended with a loss of 67 points at 27984. Today the BSE Sensex opened at 28112 touched a high of 28131 and low of 27926. The NSE Nifty closed with a loss of 19 points at 8659. The NSE Nifty opened at 8698 hit a high of 8699 and low of 8637.
We are in the middle of the earnings season and there is likely to be more stock-specific moves rather than broad-based movement. Investors also eye the ongoing government meet on the goods and services tax (GST) for clarity on new rates. The crucial GST Council meeting, comprising federal and state finance ministers, will decide the main tax rate and those for different sectors. With the GST council meet underway, the market looks ahead for fresh cues.Nifty break above 8700 then it will increase the strong bullish pattern breakout, which will take the indices up towards 8745/8790. A strong break (close) below 8630 will increase the downside pressure and drag it to 8600, 8550. Traders can go short on a break below 8550 with a stop-loss at 8650 for the target of 8480.
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Supports: 8600 and 8550
Resistances: 8700 and 8750

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