15 February 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 16 FEB 2017

The Sensex extended its losses for the second straight day, falling over 69 points on Wednesday on sustained selling by investors amid disappointing corporate earnings. The Sensex fell further with auto, realty, healthcare and consumer durables stocks leading the fall. The gauge had lost 12 points in the previous session.  The Sensex closed lower by 184 points to 28156, while the Nifty 50 fell 68 point to 8725. Despite positive cues from Asian and European markets, Indian stocks trade lower today, with investors continuing to press sales, amid concerns about near term economic outlook and on some disappointing quarterly results.
Pullback rally is expected in upcoming sessions. Going forward, the immediate support for the Nifty is placed at 8700 and 8650 levels. On the flipside, resistance is seen at 8775 and 8835 levels, but the major hurdle is in the 8750-8785 region and till such time that this region is taken out, any rally may be considered as a pull back or of corrective in nature.
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Resistance: 8750, 8800, 8850
Support: 8700, 8650, 8600

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