30 April 2018

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 2 MAY 2018

SELL UPL FUTURE BELOW 734 TGT 728/721 SL 738
BUY LT FUTURE ABOVE 1414 TGT 1419/1428 SL 1407
Market continued its winning streak led by positive global cues and RBIs ease in rules for FPIs to invest in bonds. PSU banks outperformed in expectation of stability in yield while volume growth in bond market will provide relief to rupee. Quarter results so far have been better, contrarian bet IT industry is gaining investors’ attention owing to improving macros and strengthening dollar. The Sensex closed higher by 190 points, to 35160, while the Nifty 50 rose 47 points, to close at 10739. 
This is  a truncated week as tomorrow is trading holiday. Barring some more consolidation, we expect this up move to spill over to coming trading session as well.  Though we see some possibilities once again of consolidation happening at higher levels, we expect a quiet to modestly positive start to the trade on Wednesday. The market is likely to see this expansion happening until its next logical targets of 10800 -10850 zones. However, this is less likely to happen without any intermittent consolidation spells. Wednesday will see the levels of 10825 and 10875 working out as immediate resistance for the market. Supports exist at 10700 and 10625 zones.
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Resistance: 10800, 10850, 10900
Support: 10700, 10650, 10600


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