8 November 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 9 NOV. 2017

Falling for the second session, benchmark Sensex shed 152 points on Wednesday to end at an over one- week low of 33218 on widespread selling in metal, oil and gas, PSU and realty sectors. The index, after opening strong at 33417, advanced to hit the day's high of 33484 on the back of foreign fund inflows. However, it succumbed to profit-booking in late afternoon trade and slumped to a low of 33157, before finishing at 33218, down 151 points. This is its weakest closing level since October 31, when it had ended at 33213. The broader Nifty slumped 47 points, to close at 10303 after shuttling between 10384 and 10285.
The overall market view is still positive as the nifty has a bunch of strong support near 10300-10200, and any dips near this level can be a good buying opportunity. I believe that if index holds above 103000 levels then it has the potential to claim the targets of 10500-10600. I recommend every dip near 10,300 can be used to make fresh long in the index with keeping stop out level below 10200 on a closing basis.
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Resistance: 10450, 10500, 10550
Support: 10300, 10250, 10200

1 comment:

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