NSE-INDEX OUTLOOK – 29 November, 2016

For educational purpose only, please trade after consulting with your advisor.NIFTY 50: On last trading session we have seen a flat gain of 12.60 points (+0.16%) as mentioned in our yesterday’s outlook on Nifty where we mentioned that the NIFTY has entered into the buying zone. It closed above the crucial levels of 8090 however the Index is still trading below Long Term Moving Average due to which overall market sentiment remains negative. We suggest you to go cautious with Long positions.
Now what’s next: Nifty is in buy zone. we suggest you to go long with stop loss at 8090 for the target of 8200 and 8220. This rally may continue in Nifty with strong resistance lying at higher levels. Going through the week the investor look for a hectic week of data from Global cues,  it is unlikely that traders will go short on USD going into the week as decent jobs report expected on street, Italian Referendum and Presidential Elections in Austria will surely imply volatility in markets. On last trading session FIIs were net sellers of Rs.1436.40Crores and DIIs were net buyers of Rs. 1233.79 in Capital markets.
Support: 8100/8064/7990/7950/7935/7897/7800/7777.Resistance: 8154/8161/8188/8205/8250/8296If today Nifty closed below 8103, then Nifty will enter into sell Zone.

NIFTY BANK: On last trading session we have seen a moderate loss of 205.85 points (-1.1%) as updated in our previous update the NIFTY BANK is in negative zone.
Now what’s next: After yesterday fall, now we are expecting short term bounce back in Bank Nifty but overall sentiment is weak. Every up move in Bank Nifty is a opportunity to sell. The overall sentiment for Bank Nifty is week.
Support: 18140/18050/17980/17720Resistance: 18540/18690/18780If today Nifty Bank closed above 18643.50, then Nifty Bank will enter into Buy Zone.