22 June 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 23 JUN 2017

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Market ended the session on a flat note, with the Nifty comfortably holding on to 9600-mark. A bout of volatility was witnessed in today's trade. The Sensex closed up 7 points at 31290, while the Nifty ended down 3 points at 9630. The market has continued to be choppy throughout the week. After seeing a sharp steep on Monday, the indices slipped on Tuesday before trading flat on Wednesday.
Nifty to continue the consolidation between the broad range of 9500 and 9750 amid stock specific action while digesting the impact of GST in the short-term. The key support base for the index is placed around 9500 region as it is the confluence of lower band of rising channel in place since February 2017 which also coincides with the 50 percent retracement of the last rising segment. A strong break (close) below 9500 will increase the downside pressure and drag it to 9475, 9450.
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Resistance: 9675, 9700, 9725
Support: 9600, 9575, 9550

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