23 May 2018


Bears tighten their on dalal street & pulled nifty below 10450 support level …!!!! A volatile trading session ended on negative note.  Nifty future was shuttling between 10540 and 10420 levels. It has started at 10525 made a high of 10539 and low of 10413 and closed at 10426 total 126 points was moved throughout the day. Today Nifty future has closed below the supporting level of 10450.Market was pulled down by oil companies, while mining and energy conglomerate Vedanta Ltd hit an over 10-month low as protests against its copper plant in south India turned violent. State-owned oil refiners as well as marketing companies, such as Indian Oil and Hindustan Petroleum, took a hit on worries that the government may ask them to share the burden of higher petrol and diesel prices. Retail fuel prices have surged on the back of a rally in crude oil, now hovering around $80 per barrel amid production cuts led by the Organization of the Petroleum Exporting Countries.
The nifty index has closed below the 10450-mark. For tomorrow, the range between 10400 and 10450 becomes the most critical zone for the day for any decisive fall below this support area would mean the first serious sign of weakness while if the bears were to fail to penetrate this support area and make a failed attempt the market would again rally. The confirmation of the penetration would, however, come not below 10375 but below 10350. On the way up, now the range between 10535 and 10575 would act like a strong supply zone.
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Resistance: 10535, 10565, 10595
Support: 10400, 10375, 10335

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