23 November 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 24 NOV 2016

The market is well on course to end on a firm note today, extending gains to a second successive session, as buying continues at several front line counters.  The selling spree seems to have halted temporarily after India saw one of the biggest outflows in a nervous November. Such was the intensity of selling that hardly any sector was spared as foreign investors offloaded about $ 11 billion of equities and bonds in Asia’s emerging markets following Donald Trump’s surprise victory in the U.S. presidential election. India has seen close to 11000 crore in outflow this month; the worst ever for a month since 2002. Today The Sensex ended the day 26051, up 91 points while the broader Nifty settled the day 8033, up 31 points.
For now, the Nifty’s move above 8000 level may bring in some psychological relief ahead of the monthly expiry of derivative contracts on Thursday. The outlook is a positive start. Expectations that policymakers will extend their stimulus programs have kept European bonds upbeat. Sentiment to remain weak given continued worries about the economic impact from Narendra Modi’s action, with volatility expected ahead of the monthly expiry of derivative contracts on Thursday.On the upside, the Nifty has significant resistances at 8050 and 8100 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8150 and 8200 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 7950 and 7900.
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Supports: 7950 and 7900
Resistances: 8050 and 8100

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