20 February 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 21 FEB 2017

The Sensex surged over 126 points and Nifty reclaimed the 8800-level in early trade today as domestic investors and foreign funds indulged in sustained buying ahead of key industrial output numbers to be released later in the day.  Besides, better-than-expected earnings by some more companies also fuelled the positive sentiment.  Lacklustre quarterly readings of a few Nifty companies kept sentiment depressed. On top of it, rush to take profit at the fag end of trading washed off much of the initial gains. The Nifty, which rescaled the 8800 mark and touched a high of 8822 intra-day, finished at 8793, up 15 points.
On the upside, 8845 through 8875 would be the first supply zone to watch out for—once this range is taken out we can expect another dash at the 8900 or higher levels. Further up, resistance is likely to be felt between 8930 and 8955. On the other hand, if it were to go down below 8750 and sustain there it is likely to get good support between 8720 and 8685.
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Resistance: 8845, 8875, 8915
Support: 8750, 8720, 8685

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