Tuesday, December 27, 2016

Market out look for Wednesday

As mentioned in this column break and trade below 7900 major sell off in the market, but able to hold and successfully crossover 7950 level thereafter short covering seen in the market in Nifty and Bank Nifty.
Bank Nifty also trend reversal from the level of 17600 and almost closed days high. Now what to do after smart recovery in the market.
Now we may consider Nifty support 8000-7950 in short term and looks 7900 short term bottom established, whether this rally will continue due to short covering or FIIs against will come into the market for selling or this is a Shanta Rally, time will tell in next remaining three sessions in the market.
As regards the technical side, Nifty has a good support 7950-7960 and any decline to buy side, higher level crossover 8050 8060 and sustained will move further towards 8100-8150 mark.
On the Bank Nifty also looking good and we may consider support nearly 17750-17800 range and consider resistance 18050 crossover and sustained above, first sign of bullish view in the market, otherwise again selling opportunity at higher level.s
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