1 February 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 2 FEB 2017

The market recovered the lost ground as finance minister Arun Jaitley made no reference to long-term capital gains tax on equities, and also set a comfortable fiscal deficit target of 3.2% for the fiscal year 2017-18. After the Budget speech, the Sensex gained over 400 points to reclaim 28000 level, while NSE Nifty surged above its crucial 8650 mark.
The level 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 8700 then it will increase the strong bullish pattern breakout, which will take the indices up towards 8750/8785. A strong break (close) below 8600 will increase the downside pressure and drag it to 8580, 8550.
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Supports: 8600 and 8555
Resistances: 8700 and 8750

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