16 May 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 17 MAY 2017

“BUY NIFTY ABOVE 9500 TGT 9545/9565 SL 9450”
Continuing the record-breaking spree market had a fantastic session on Tuesday, The indices have closed at fresh all-time highs. The Nifty closed above 9500 for the first time ever. The Sensex ended up 260 points at 30582, while the Nifty closed higher by 66 points at 9512 as expectations of good monsoon rains eased inflation fears and bolstered the economic growth outlook.
We are expecting Nifty to touch 9555 in the extreme short term and hit 9475 in the medium term. A correction is likely thereafter. Nifty break above 9475 then it will increase the strong bullish pattern breakout, which will take the indices up towards 9600/9650. A strong break (close) below 9450 will increase the downside pressure and drag it to 9425, 9400.
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Supports: 9555 and 9600
Resistances: 9475 and 9435

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