31 May 2018


"BUY HDFCBANK ABOVE 2105 TGT 2125/2145 SL 2078"
F&O expiry of may series was above expectation, after a long we have seen bulls only in action on the expiry day on expectations that the domestic economy likely gained momentum in the first three months of 2018 bulls cheered...!!!! The Sensex ended the day at 35322, up 416 points while the broader Nifty future settled at 10727. India is likely to retain the position of world’s fastest growing major economy in the January-March quarter, surpassing China’s growth of 6.8 per cent, driven by gains in manufacturing and consumer spending. The median in a Reuters poll on the latest quarter’s annual growth was 7.3%, the best pace since July-September 2016. Forecasts for January-March range from 6.9 to 7.7%.
Nifty is moving above the recent negative pattern could be cheering factor for bulls. Indications are positive and Nifty will test 10800 shortly. Global cues, movement in crude oil prices and progression of monsoon will decide the market trend. The key overhead resistance at 10755 -825 is expected to be a tuff task for bulls to sustain the highs. However, 10600 is expected to act as immediate support for the Nifty. Only a conclusive fall below the 10575 may trigger a bigger correction in the market.
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Resistance: 10775, 10800, 10825
Support: 10600, 10550, 10500

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