30 January 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 31 JAN 2017

Market ended rangebound session flat with a negative bias on Monday as investors turned cautious ahead of the Union Budget on February 1. The market fell for first time in last five consecutive sessions, partly due to weak global cues. The Sensex lost 32 points to close at 27849. While the Nifty ended below the 8650-mark at 8632, Intra-day, it traded between 8617 and 8662. Markets are a little wary of what lies in the budget and have probably have rallied too far on the assumption that some good is in the offing.

8500-8555 has become a support for the Nifty now. We are expecting Nifty to touch 8750 in the extreme short term and hit 8900 in the medium term. A correction is likely thereafter. Nifty break above 8665 then it will increase the strong bullish pattern breakout, which will take the indices up towards 8700/8750. A strong break (close) below 8600 will increase the downside pressure and drag it to 8600, 8550. Traders can go short on a break below 8550 with a stop-loss at 8665 for the target of 8450.
More about on Google +
Supports: 8600 and 8555
Resistances: 8665 and 8755

4 comments:

  1. can't agree more with u ...nifty will stay in range of 8550 and 8750...nice blog

    ReplyDelete
  2. if i buy nifty future from 8620 will it go beyond 8700 post or during budget?

    ReplyDelete
    Replies
    1. We are expecting Nifty to touch 8700 in the extreme short term and hit 8750 in the medium term. A correction is likely thereafter. for Budget session 1 strategy we have given to check that plz visit OPTION STRATEGY

      Delete
  3. Get sure calls for commodity click hereCOMMODITY TRADING TIPS

    ReplyDelete