15 May 2017


Market started the week on a strong footing with both the gauges closing at new lifetime record levels. Sensex ended at 30322 level, 133 points higher while Nifty settled the day at 9445 level, 44 points higher respectively, today as lower inflation numbers and better- than-expected quarterly earnings drove investors.  The Nifty after shuttling between 9449 and 9423, rebounded 44 points to end at a new all-time high of 9445, surpassing previous record of 9422 hit on May 11.
We are expecting Nifty to touch 9475 in the extreme short term and hit 9500 in the medium term. A correction is likely thereafter. Nifty break above 9500 then it will increase the strong bullish pattern breakout, which will take the indices up towards 9550/9600. A strong break (close) below 9400 will increase the downside pressure and drag it to 9375, 9300. Traders can go short on a break below 9400 with a stop-loss at 9450 for the target of 9355.
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Supports: 9375 and 9350
Resistances: 9475 and 9500

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