Wednesday, August 24, 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 25 AUG 2016

“SELL BANKNIFTY BELOW 19350 TGT 19280/19200 SL 19410”

See-saw movement was there in the market today. The market swung between gains and losses and closed higher for the second consecutive session. Volatility continued ahead of expiry of August futures & options contracts. The Sensex on Wednesday gained 70 points to reclaim its crucial psychological level of 28000, while the broader Nifty settled the day at its key 8650 mark ahead of derivatives expiry of August series. The Sensex ended with a gain of 70 points at 28060. The Sensex opened at 28065 touched an intra-day high of 28108 and low of 27960. The Nifty closed with a gain of 18 points at 8650 The Nifty opened at 8648 hitting a high of 8661 and low of 8621. Attention now is on Fed Chair Janet Yellen's speech at the annual central bank symposium in Jackson Hole on Friday. They still doubt the stars will align for a hike anytime soon, so a hawkish tone from Yellen would challenge that view. Sentiment was also muted ahead of the expiry of the derivative contracts tomorrow.
Bias is still positive but tomorrow is the F&O expiry of August series, traders should maintain cautious approach especially in index trades. For tomorrow nifty now tests key resistance at 8680. A strong rally beyond this level and the next key resistance at 8730 will strengthen the bullish momentum. In that case, the contract can rally to the 8750 and 8780 band. But the inability to move beyond 8620 will keep the index under selling pressure. A decisive fall below 8600 can pull the contract down to 8580 and then to 8550 levels. The next key supports are at 8530 and 8500 levels.
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Supports: 8600 and 8550
Resistances: 8670 and 8750

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