7 December 2016

NIFTY PREDICTION & FREE NIFTY TIPS FOR 8 DEC 2016

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After a tumultuous ride, the market has ended in red. The Sensex was down 155 points at 26236 and the Nifty down 41 points at 8102. Banks were knocked off after Reserve Bank of India, in a surprise move, kept key interest rates unchanged. HDFC Bank, SBI, ICICI Bank and Axis Bank are losers among bank stocks. Bank index lost over 1% at closing. The RBI surprised everyone in its first monetary policy review after notes ban keeping its repo rate unchanged at 6.25%. The move means your EMIs won't have any impact. RBI's cautious stand comes despite calls for action as an intense cash shortage threatens to slam the brakes on the world's fastest growing major economy.
The stock market is now taking a pause following the correction that was recently seen. It is wading through various events like referendum in Italy, RBI policy meet which was held to day and US Federal Reserve's meet this month. Support for Nifty is currently at 8100-8050.  On the upside, the Nifty has significant resistances at 8230 and 8280 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8300.
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Supports: 8100 and 8070
Resistances: 8240 and 8270

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