21 October 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 24 OCT 2016

The week has ended on bearish note. The Sensex and Nifty ended on a weak note in trades today on the back of selling pressure in Reliance Industries, HDFC and Axis Bank etc. The BSE Sensex ended with a loss of 53 points at 28077. The BSE Sensex opened at 28163 touched an intra-day high of 28163 and low of 27958. The NSE Nifty closed with a loss of mere six points at 8693. The NSE Nifty opened at 8709 hitting a high of 8709 and low of 8652. Bull market is still alive and well.  The market, which fell close to 100 points today, is still on its bull run. Another 100 points could fall or add to the Nifty, but its trend has not changed yet. 
Next week will be the expiry week for F & O Oct series. Volatility we are expecting in the market. On the upside, the Nifty has significant resistances at 8750 and 8800 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8830 and 8850 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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