"SELL NIFTY FUTURE BELOW 9380 TGT 9350/9315 SL 9420"
Bears are
in action to settle down the May series expiry in negative mode. Escalating
cross-border tensions with Pakistan across the Line of Control (LoC) coupled
with continuing fall in midcaps pushed benchmark indices lower. The session was
largely volatile, with the Sensex and nifty future shuffling between gain and
loss, before finally settling in the red zone in the final two hours of the
trade. The sensex closed at 30301 levels down by 63 points. Nifty future
closed at 9374 levels, down by 25 points.
Pullback
rally is expected in tomorrow’s expiry session. Tomorrow, a decline below 9380 is expected
and also suggested to sell the Nifty future if the level matched, for the targets
of 9350/9315. Going forward, the immediate support for the Nifty is placed at 9325
and 9300 levels. On the flipside, resistance is seen at 9425 and 9450 levels,
but the major hurdle is in the 9375-9400 region and till such time that this
region is taken out, any rally may be considered as a pull back or of
corrective in nature.
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Resistance: 9400, 9425,
9450
Support: 9350,
9325, 9300
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