NIFTY OUTLOOK 4TH AUG, 2015

Nifty August Futures (8561.7, -7.95):
Nifty future opened the session on a subdued note on weak global cues but moved up subsequently to test the high of 8590 but failed to make inroads into the 8600 region and closed the day with minor losses. 8590-8600 is proving to be the major hurdle on its way up and this region must be taken out for fresh momentum. On the lower side, 8545, 8525, 8500 are important supports but the critical level is in the 8475 region and a close below this level will signal weakness.

• Resistance: 8582, 8600, 8634, 8654, 8675, 8700


• Support: 8545, 8525, 8504-8495, 8475, 8415, 8400, 8378, 8340

Bank Nifty August Futures (18959.45, +123.65):

Bank Nifty futures displayed strong positive momentum in the opening session itself and maintained above the 19000 region, though within a narrow range, for the better part of the trading session. There was some profit booking towards the closing session and it closed the day in the sub 19000 level but in the positive. 18980-19020 region remains a strong resistance which must be decisively crossed for fresh momentum. On the lower side, it has closed above a strong support at 18935. Below this level, support will be found in the 18890 -18800-18740-18700-18645 levels. A close below 18420 at this juncture will, however, signal weakness.

• Resistance: 18980, 19020, 19124, 19160, 19200, 19380


• Support: 18935, 18890, 18800, 18780, 18725, 18690, 18655, 18575, 18515, 18495, 18450,18420, 18350