8 May 2018


                        "BUY NIFTY FUTURE ABOVE 10730 TGT 10760,10790 SL 10700"
                                    "BUY VEDL 280 PUT @9 TGT 11,14 SL 6"

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Tuesday’s volatile trading session ended on flat note with Nifty being able to hold 10700 mark. The Bank Nifty gained 1%, helped by a gain of 7 percent in ICICI Bank. The Sensex ended down 8 points at 35216 and the Nifty down 2 points at 10717. 
Markets could see some correction before the outcome of elections in the southern state of Karnataka. There could be some correction before the election results are known. I expect NSE to be range-bound between 10500-10800 mark. However, the market is generally positive and there could be gains in oil marketing companies due to the possibility of fuel prices being hiked after the Karnataka elections. 
Nifty’s next resistance is seen at the previous swing high of 10780. If that level is taken out, we may see further momentum till the 10900 level. The index recouped losses seen in the previous two sessions. The fast retracement indicates bullish sentiment. Any sustainable move above the key resistance at 10730 will trigger further rally towards 10780 and 10800 levels.
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Resistance: 10800, 10850, 10900
Support: 1650, 10600, 10550

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