21 February 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 22 FEB 2017

Nifty hits 8900 for the first time since September 9, 2016. Nifty managed to settle marginally higher in a volatile session today. The first half was dull but rebound in select banking majors in latter half fueled the momentum. Amid all, participants were busy in rollover and unwinding their derivatives positions. The Sensex closed higher on Tuesday, while IT stocks extended gains following a share buyback plan by Tata Consultancy Services Ltd. Sentiment was broadly cautious with Asian shares largely flat after a holiday in the US markets on Monday. The Sensex closed higher by 100 points to 28762, while the Nifty rose 29 points to 8908.
Overall, the market has moved very marginally in the last few sessions and what it looks like now is a time-based correction with more stock-based moves. Focus will now rest on global cues such as US interest rates, dollar movement and foreign investment participation. On the upside, the contract has significant resistances at 8930 and 8955 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8975 and 9000 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 8800 and 8750.
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Supports: 8800 and 8750
Resistances: 8950 and 9000

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