17 May 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 18 MAY 2017

Nifty ends at record high of 9526
Markets ended at record highs for the third straight session today on sustained foreign inflows and persistent buying by retail investors buoyed by the early onset of monsoon and encouraging quarterly earnings. Technically, Indian Stock Market is still in positive zone. Market is overstretched and some profit booking would be seen but Nifty would continue to see positive rally in a cyclic manner. Some immediate resistance would be seen at 9540-9554 levels but overall, market is in positive momentum and traders can continue to hold long positions until Nifty holds 9423 levels on closing basis.
 Market has generated a strong bullish candle yesterday that shows strength still lying in the trend. Next target for Nifty is set to 9550-9580 levels in upcoming days. Traders are suggested to hold long positions as of now. The support for the Nifty is 9510-9495-9470-9423 and the resistance to the up move is at 9540-9550-9580-9600 levels.
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Supports: 9375 and 9350
Resistances: 9475 and 9500

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