25 April 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 26 APRIL 2017

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Market on a roll!!!!  Thanks to a spurt in the Nifty Bank, the Nifty has managed to surpass its April 5 high of 9273. The banking index, too, has risen to a record high since April 18 this year. The Sensex climbed over 150 points in early trade on Tuesday. Nifty spot hits 9300 for first time ever; Bank Nifty at record high crosses 22000. M&M, Airtel rally 3% each. The Sensex surged 287 points to 29943 and the Nifty gained 88.65 points at 9306, backed by banking & financials, FMCG and Reliance Industries.
Bias is still positive but day after tomorrow is F&O expiry of April series, traders should maintain cautious approach especially in index trades. For tomorrow nifty now tests key resistance at 9330. A strong rally beyond this level and the next key resistance at 9355 will strengthen the bullish momentum. In that case, the contract can rally to the 9375 and 9400 band. In technical terms, all trends (short/ medium-term and long-term) seem strongly bullish despite the probability of a further short-term correction on profit-booking. The key supports are at 9255 and 9200 levels.
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Supports: 9255 and 9200
Resistances: 9355 and 9400

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