29 November 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 30 NOV 2016

"BUY HEROMOTOCO FUTURE ABOVE 3185 TGT 3215/3245 SL 3150"
"BUY NIFTY 8000 PUT @ 80 TGT 114/154 SL 42"
The market held its ground today and closed on a positive note. The market closed higher on Tuesday after the Reserve Bank of India (RBI) said lenders had received Rs 8.45 trillion ($123.05 billion) in deposits, absorbing a substantial amount of the 500 and 1000 rupee notes that were declared worthless earlier this month. The amount deposited, announced by the RBI on Monday, raised hopes that the demonetization process would end sooner than expected; reducing what has been a key constraint for markets.
The Sensex rose 43 points to 26394, the Nifty rose 15 points to 8142 level. The Bank Nifty lost 0.42% to 18223 level. Bank stocks fell for the second day after the Reserve Bank of India ordered banks to temporarily increase their cash on deposit at the RBI to absorb excess liquidity caused by a government ban on high-denomination notes. There were hopes that Nifty would cross 8200, however, this mark was missed and it ended below 8150. On the upside, the Nifty has significant resistances at 8235 and 8275 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8300 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 8150 and 8100.
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Supports: 8150 and 8100
Resistances: 8235 and 8275

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