NIFTY OUTLOOK & STOCK TIPS FOR FRIDAY 24 JULY 2015

Buy HEXWARE Future above 278 Tgt 279.80/281.90 Sl 275.40
Buy BHARTIARTL 430 Put @ 4.40 Tgt 5.90/6.80 Sl 2.50

A divergent trend was witnessed on Thursday, the Sensex, registered marginal losses whereas Nifty registered small gains. The nifty was alternately swung between positive and negative zone in intraday trade. Yet, the overall movement of market during the trading session was within a relatively narrow range. Indian markets after sporting a strong rally in previous session, went through choppiness on Thursday. Benchmarks that made a positive start of the day turned cautious in the very first hour of trade after touching their intraday high. There were intermittent profit taking that kept the major indices moving in and out of the red zone, however there was sudden slump around noon that dragged the benchmarks below their crucial psychological levels of 28500 (Sensex) and 8600 (Nifty) with Rajya Sabha once again getting adjourned today. The market closed negatively after trading sideways to negative during the day due to lack of fresh triggers.  Investors remained sidelines in the absence of a positive surprise from the quarterly earnings. Nifty today closed at 8589 down around 43 point.

The index closes below 8600. This is a sign of weakness; however, unless follow on selling comes tomorrow to tilt the scales in favor of the bears, there is still not much to worry. What we need to watch out for is its ability to hold above the 8570 level if there were to be any fresh weakness in tomorrow’s session. Staying above 8600 would mean getting some gumption back, and if it were to stay above 8630 then that would be the first sign of strength. On the downside, below the 8550 level strong support exists between 8535 and 8520 levels. Major support, of course, remains between 8500 and 8485.Staying above the 8640 level in a sustained manner, the Nifty would emit strong bullish signal and the uptrend to march further scaling up higher levels. On the way up, the levels between 8674 and 8690 could bring in potentially strong supply pressure. On the downside, in case of any profit taking, it would show first signs of concerns only when it falls below 8550.

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RESISTANCE: 8600, 8640, 8680

SUPPORT:  8560, 8520, 8480