6 October 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 7 OCT 2016

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Market is in consolidation face. Sensex fell over 100 points while the broader Nifty closed below its crucial psychological level of 8750 on the back of selling pressure in banking, IT and pharma stocks. The short-covering rallies have been halted by consolidation and caution ahead of key global event risks. The Sensex ended today’s trading with a loss of 115 points at 28106. It opened at 28298, touched an intra-day high of 28329 and low of 28031. The Nifty closed with a loss of 34 points at 8710. It opened at 8769, hit an intra-day high of 8781 and low of 8685.
We reiterate our view to hold positive yet cautious approach till 8700 is intact in Nifty. The Traders with a short-term perspective should tread with caution and consider initiating fresh long positions on a rally beyond 8800 levels. The contract can then extend its rally and test resistances at 8830 and 8850 levels in the near term. On the downside, a decisive fall below key support at 8700 is needed to alter the bullish momentum and drag the contract down to 8650 and then to 8600 levels.
Supports: 8700 and 8650
Resistances: 8800 and 8850

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