8 February 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 9 FEB 2017

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Indian shares fluctuated between gains and losses while sovereign bonds plummeted after the Monetary Policy Committee-steered Reserve Bank of India kept interest rates on hold contrary to consensus for a second straight meeting and its stance to neutral from accommodative. The Sensex slide 0.1% to 28289 after falling as much as 0.6 % after the policy announcement. Meanwhile, the Nifty closed little changed at 8769.
We are expecting Nifty to touch 8790  in the extreme short term and hit 8810 in the medium term. A correction is likely thereafter. Nifty break above 8825 then it will increase the strong bullish pattern breakout, which will take the indices up towards 8850/8875. A strong break (close) below 8700 will increase the downside pressure and drag it to 8685, 8655. Traders can go short on a break below 8655 with a stop-loss at 8700 for the target of 8600.
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Supports: 8655 and 8600

Resistances: 8785 and 8825

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