NIFTY OUTLOOK FOR 16 & REVIEW
EXIT POLLS OUTCOME TO INFLUENCE
Nifty 7864 -20
Nifty opened better due to lower Inflation numbers and better than expected Reliance results, despite weak global cues, but sold off in the opening session and traded in a zigzag manner to closed in negative zone for the day. Nifty continues to hold above 7800 mark but below 50 DMA. Further weakness would set in only when it closes below 7800 which could happen in case Maharashtra results disappoint. Nifty spot is expected to encounter resistance at 7905,, 7945 and find support at 7825, 7785 for Thursday. While Global cues and Funds flow are expected to broadly guide the market movement, based on the present market position, opening would be influenced by the outcome of exit poll results and could generally trade better as long as it holds above 7800 mark.
SENSEX DOWN BY 35 POINTS