23 May 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 24 MAY 2017

"BUY ICICIBANK 310 CALL @ 1.4 TGT 2.7-3.4"
"BUY NIFTY 9350 PUT @ 30 TG 55/82"
Today after opening on bullish note, the bears dominated the bulls entire day. The Nifty tumbled to test multiple supports. Nevertheless, the bulls managed to hold on to the 9375 level on a closing basis which is when the news of the attack on Pakistan posts surfaced.  The Sensex fell 0.67% to 30365, while the Nifty shed 0.55% at 9386.
For tomorrow, 9450-9425 acted as a strong support zone. In terms of price patterns, the Nifty has formed a Bullish Wedge on the hourly chart and has closed near the lower end of the pattern. On the way up, 9435-9465 is a key hurdle zone, beyond which a fresh rally can be expected. The overall short-term target on the upside is 9500. The upside potential holds true as long nifty won’t break 9300 support. If it settles below 9300, then it can go down all the way towards 9200, eventually opening the doors for short term trend reversal. Traders will be better off they don’t initiate fresh longs before the completion of any correction.
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Supports: 9350 and 9300
Resistances: 9450 and 9500

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