NIFTY OUTLOOK & FREE FOR 9 MARCH 2017

"BUY BANKNIFTY ON DIPS 20670-700 TGT 20880/21000 SL 20480"

Indian equity markets provisionally closed in the negative territory on Wednesday as caution prevailed ahead of state elections results, including that of the crucial state of Uttar Pradesh, and a US Federal Reserve policy meeting next week. The election in Uttar Pradesh is the world’s largest this year and will have a key influence on Prime Minister Narendra Modi’s chances of clinching a second term in 2019. Exit polls will be released on Thursday and results will be out on Saturday. Meanwhile, the Federal Reserve has a policy meeting on 14-15 March and markets are expecting a rate hike after recent hawkish comments by policymakers. The Sensex which opened at 29021 points, provisionally closed at 28902 points down 96 points or from the previous close at 28999 mark. The Nifty slipped by 22 points, to 8924 points.

On the upside, 8955 through 8975 would be the first supply zone to watch out for—once this range is taken out we can expect another dash at the 9000 or higher levels. Further up, resistance is likely to be felt between 9030 and 9055. On the other hand, if it were to go down below 8900 and sustain there it is likely to get good support between 8850 and 8800.

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Resistance: 8955, 8975, 9000

Support: 8900, 8855, 8800