Nifty Update

An extract of Nifty View of August 6, 2015, suggested: “An intermediate resistance stands at 8627 mark. If there is not much demand, then Nifty can reverse from here for downside, instead of 8663 mark. Again, on the other hand, an intermediate support exists at 8563 mark. If there is not much supply, then Nifty can reverse from here for upside, instead of 8529 mark.” The HIGH of the day for Nifty was at 8641 and the LOW for the day for Nifty was at 8566.5. 

For Friday, August 7, 2015, the trend deciding point for the day for Nifty emerges at 8548 mark. On its down move Nifty is expected to take support at 8548 mark. If this level is broken due to strong selling pressure, then the next support is expected to emerge at 8481 mark. But this will be possible only if there is a sharp down move. On ascent, the first resistance exists at 8682 mark. A sharp up move can make nifty cross this level and make it reach to 8751 mark. An intermediate resistance stands at 8645 mark. If there is not much demand, then Nifty can reverse from here for downside, instead of 8682 mark. Again, on the other hand, an intermediate support exists at 8581 mark. If there is not much supply, then Nifty can reverse from here for upside, instead of 8548 mark.

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Karan Luhana   Equity Expert, R K Broking

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