NIFTY Long Term Outlook-What to Plan

NSE_EOD:NIFTY   Index of the 50 listed India companies
Market Bytes 12-Feb-2016

Nifty             Futures:For yesterday's session we had mentioned that SBI             results will the trend decider in many ways. So it was indeed. The stock turned the tide of the market. Traded with the highest quantity and volume yesterday, as a testament to our hypothesis. Did we catch the move; well nah for the first half where we never got into a pull back. But we also recall that we had mentioned that 7130 was the level on the downside. So, what do we do when that level was broken; take your trades there and well it went to give more than 130 points in the same day.
Now for the current session, 7020-30 is the immediate trend decider levels. Holding below it we will continue to see the downside. Above it can see a pull back till 7100 levels. That zone can be a good point to attempt shorts again with with stops above 7150.
This will also be a good point to discuss the long term outlook. many of our friends asked whats the swing major levels. Well, I will state the same thing that we mentioned few months back, we see markets support at 6800-6830 zones. I will expect this levels to hold and well aggressively look for a bounce back from there. This will be a good point to take your investment purse out as well.
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Thanks for analysis ,
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