NIFTY OUTLOOK FOR FRIDAY 31 JULY 2015

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 Benchmark share indices ended higher, amid expiry of July derivative contracts, after the government today cleared important changes to the government's constitutional amendment Bill on the proposed national goods and services tax (GST). The  sensex ended up 142 points at 27705 and the Nifty ended up 47 points at 8422.The US Fed has kept the interest rates unchanged in this policy meet. On the one hand, it expressed confidence in continued drop in the unemployment rate, which could be nearing the full employment zone. However, US Fed wants to see more evidence of improvement in the labour market. However, the markets have almost priced in a rate hike expected in the September meeting as the next couple of months’ employment data is expected to be good.

Nifty was very volatile today due tho the expiry of (f & o )July 30, 2015but with a positive bias and closed the day in the green, though with small gains. It was an inside day for the index i.e. its range was encompassed within the range of the previous day. 8450-8480 on the higher side and 8380-8350 are the major resistance and support zone and a breakout on any direction is likely to set the next trend. A close above 8450 will signal a breakout on the higher side and above 8490-8515 will signal that it is out of the woods. 8330 is an important support and this level must be breached decisively for further downward momentum. It may then test the 200 exponential moving averages around 8275.