15 November 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 16 NOV 2016

"SELL DCB BANK FUTURE BELOW 100 TG 98.2/95.4 SL 102.4"
"BUY HINDALCO 180 CALL @ 3.3 TG 6.8/9.5"
The week has started on bearish note. Today whole market was in the favour of bears only. Strong selling pressure was there in the market today. The stock market continued its downfall after a three day break on Tuesday as dollar hit a 11 month high amid investors' hopes that US Federal Reserve may raise interest rates, resulting in funds flowing from emerging markets assets to the US. The market ended in the red as indices extended their losing streak for the second consecutive trading session. Nifty ended below the 200-DMA. The negative global cues, depreciating rupee and lower crude oil prices dampened the sentiment. The BSE Sensex ended with a loss of 514 points at 26305. The BSE Sensex opened at 26810 touched an intra-day high of 26809 and low of 26254. The NSE Nifty closed with a loss of 188 points at 8108. The NSE Nifty opened at 8285 hitting a high of 8289 and low of 8094.
From medium term perspective the key support is at 8100-8050 level. We expect this level as important one and likely to absorb any further selling pressure. And most likely market to hold above this level. On the upside supply is coming at 8250, breaking of the level market will find the momentum which is lacking couple of days and will then set for moving above the recent swing high at 8300  level. Investor is advised to initiate long on a break above 8330 with a stop below 8230.
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Supports: 8100 and 8050
Resistances: 8200 and 8250

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