2 February 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 3 FEB 2017

There was some consolidation In today's trading session after the moves we saw yesterday. Nifty was oscillating in the positive and negative territory in the morning. Markets have shown an upward movement afternoon trading session. It touched a high of 8757 levels, up by 40 points. Nifty closed at 8734 levels, up by 18 points; while Sensex closed at 28226 levels, up by 85 points. Nifty and Sensex closed at four months’ closing high.
For tomorrow nifty now tests key resistance at 8775. A strong rally beyond this level and the next key resistance at 8825 will strengthen the bullish momentum. In that case, the contract can rally to the 8855 and 8585 band. But the inability to move beyond 8745 will keep the index under selling pressure. A decisive fall below 8685 can pull the contract down to 8640 and then to 8590 levels. The next key supports are at 8565 and 8535 levels.
In the longer term, the market remains extremely positive.
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Resistance: 8780, 8810, 8850
Support: 8700, 8655, 8605

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