7 November 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 8 OCT 2016

The Sensex and Nifty ended higher on Monday, snapping four sessions of losses, as Democrat Hillary Clinton's prospects improved in the US presidential race after federal investigators cleared her in their latest review.  The Sensex staged a strong comeback to end with a gain of nearly 185 points, reversing its five-session losing run and tracking rebound in global market today after prospects of Hillary Clinton brightened in the US presidential race following an FBI reprieve. The Indian equity market ended higher on Monday snapping a five day losing streak. After gap up start, Nifty remained in a narrow range for most part of the session; however, profit taking in final hour trimmed the intraday gains. The Sensex ended with a gain of 184 points at 27459. The Sensex opened at 27552 touched an intra-day high of 27591 and low of 27399. The Nifty closed with a gain of 63 points at 8497. The NSE Nifty opened at 8536 hitting a high of 8535 and low of 8481.
Tomorrow if the bulls manage to hold the Nifty above 8535 zone then they would try to push it up to level of 8600; however, the intraday volatility that we saw on today indicated the nascent upswing has already run into rough weather. Thus, taking out the zone between 8535 and 8550 would be very crucial if it were to turn into a sustainable uptrend. In case, the index falls below 8480 on heavy selling it might retest the strong support zone from 8450 and 8400.
Supports: 8480 and 8450
Resistances: 8550 and 860

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