October 22, 2016


Nifty Outlook

Nifty performed well for the day as forecasted we found a breakout on the chart and the down trend was broken. As the news for GST hit on stock floor we found good buying in the index more over the mid session of the day was lazy but good buying volume was seen on chart at the market closing time.  We believe this uptrend to be continued for the next handle of 8750 where the support falling at 8550. On the weekly frame we had an eye on 8900 handle where on lower side 8440 would be major support for week.


Bank Nifty:  

We found a good buying in Bank Nifty on the last trading session of the week. Time of opening was most active when we saw big moves in prices else whole day we saw a slow upside in the prices where a consistency was marked in the moves. As forecasted we found breakout in the trend, now we are looking for the 19200 as a resistance to the price. Where 18600 as a support on weekly frame 1900 will be a major break to open new high.


Nifty Trends
   R1 8735
R2 8780
S1 8670
S2 8600


Technical Outlook:

Nifty Day Performance
   Open 8,632.65
High 8,717.00
Low 8,631.60
Close 8708.20


Top Gainers
GRASIM 5260.00


Top Losers
TECHM 495.25

SEBI Register company-Star India Market Research-An investment advisor gives stock tips, equity tips, commodity tips, mcx tips, ncdex tips, agri commodity tips.


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