NIFTY OUTLOOK & FREE NIFTY TIPS FOR 17 MAY 2016

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Commodity Trading Tips

See-Saw movement was there in the market today. The Indian equity market ended with smart gains and closed near day’s high on Monday. After opening with positive bias indices slipped lower and remained under pressure in the first half of the day. Official data released today showed that India's wholesale price-based inflation unexpectedly turned positive for the first time in 18 months in April, driven by costlier food items such as vegetables and pulses. The Sensex recovered from its intraday lows to end the session up 163 points at 25653. The Sensex opened at 25529 touched an intraday high of 25688 and low of 25352. The Nifty gained 45 points to finish at 7860. The Nifty opened at 7831 hitting a high of 7874 and low of 7772.

Every downfall would be an opportunity for traders to go long in the market. Market is looking to see a sharp breakout if closes above 7925 levels for Nifty. Next logical target for Nifty would be 7955-7995 and breaching levels of 8000 would force Nifty to see levels of 8100. The 7775-7750 will act as very good supporting levels in upcoming trading session. If once it go to 7735 then there will higher probability for Nifty to touch 7700-7650 levels once again.

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RESISTANCE: 7890, 7940, 8000

SUPPORT:  7830, 7780, 7750