29 May 2018


"BUY NIFTY ABOVE 10650 TGT 10700/10750 SL 10590"
The market was on the back foot. Agreed, there were a few slips here and there, but as the game wound up, the bears had the last laugh. Market ended lower with the Sensex falling over  200 points on global correction and weaker rupee. The Sensex ended at 34949, down 216 points while the broader Nifty index settled at 10633, down 55 points. Banking & financials stocks pulled the markets lower with the Nifty Bank Index slipping as much as 1.3% after three straight sessions of gain, with ICICI Bank and SBI shedding 3% each.
The index will need to trade consistently above the 10,700 level to retain the previous bullish undertone. In that scenario we can expect this up move getting stretched up to 10777 kind of level. However, major breakthrough in the indices can be witnessed on a sustainable close above 10,800. As long as the Nifty holds above 10550, it can extend its gains towards 10725 and then 10750 levels, while on the downside supports are seen at 10535 and then 10,500 levels.
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Resistance: 10725, 10750, 10775
Support: 10575, 10550, 10525

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