30 May 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 31 MAY 2017

Bulls ride was continued for today also. The Sensex and Nifty holding on to key levels of 31000 and 9600.. The   Sensex closed at 31159 up by 50 points. It touched intra-day high of 31220. The Nifty closed at a record closing high of 9624, up 19 points. However it closed below the day-high of 9632.  Investors cheered monsoon rains that hit Kerala, north east simultaneously, two days before the normal onset date, boosting optimism about a rebound in the rural economy.
We are expecting Nifty future to touch 9650 in the extreme short term and hit 9685 in the medium term. A correction is likely thereafter. Nifty break above 9700 then it will increase the strong bullish pattern breakout, which will take the indices up towards 9725/9750. A strong break (close) below 9500 will increase the downside pressure and drag it to 9475, 9450.
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Resistance: 9650, 9675, 9700
Support: 9500, 9475, 9450

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