Market Outlook Nov 18, 2014 Nifty (8430.75, +40.85, +0.49%) The index looks quite bullish! It is likely to seek higher levels of 8500 or even higher levels now. However, for that to happen it needs to maintain itself above 8380-level and not close below that. Immediately, the zone between 8450 and 8466 supply zone would act as the resistance. Major supply is likely to come as soon as it reaches the 8500-mark: the range between 8505 and 8532 would be a big supply zone. On the other hand, in case of any profit taking, the index is likely to get immediate support between 8403 and 8384. However, strong support can be expected between 8349 and 8291. Unless it decisively falls below 8291, it is unlikely to turn bearish. • Most critical levels: 8402 – 8384 • Strong resistance: 8450 – 8466 • Major resistance: 8505 – 8532 • Strong support: 8403 – 8384 • Major support: 8349 – 8291 Bank Nifty (17640.40, +63.60, 0.36%) The index needs to get past 17712 to acquire fresh momentum. Once it takes out 17712 decisively, it can move up much further to cross eventually the 18000-mark. This sector looks quite strong again; now, it could well happen that if the 17700-barrier is cleared its uptrend will get stronger. On the other hand, if there were to be any profit taking unless it falls below 17578 through 17516 support area on closing price basis, there is no immediate threat to any weakness. On the way up, the Bank Nifty could well be headed for a test of 18135 through 18170 target zone. • Most critical levels for the day: 17640 – 17662 • Strong resistance: 17696 – 17712 • Major resistance: 18135 – 18170 • Strong support: 17578 – 17516 • Major support: 17275 - 17204 Note (1): Either on the long side or on the short side if at any moment a counter is not moving beyond an initial or interim target to the final target book profits. Once initial target is crossed, you can use that as your trailing stop-loss level. Notes (2): • The Outlook is based on the previous trading days price activity. • The call is valid for the next trading session only unless otherwise mentioned. • Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these recommendations. Trade Well, Rajat Bose rajatkbose Follow me on twitter https://twitter/rajat_bose on Linkedin in.linkedin/pub/rajat-bose/13/901/12a
Posted on: Mon, 17 Nov 2014 18:35:18 +0000
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