30 May 2018

NIFTY OUTLOOK & FREE NIFTY FUTURE TIPS FOR 31 MAY 2018

"BUY NIFTY ABOVE 10600 TGT 10635/10650 SL 10565"
Market continues to trade lower on Wednesday worries over Euro zone break-up risk due to political turmoil in Italy. All sectoral indices are in the red except metal stocks are trading marginally higher. The nifty future has started from 10569 made a high of 10648 & low of 10539 & closed at 10604.
Market action on Thursday will be governed by the derivative expiry, which could see the market expiring around the 10700 levels. We maintain that the indices are still overvalued at this juncture, and would not advocate entering fresh longs at this point. The 10700 and 10750 levels may act as immediate resistance levels for Nifty, while supports may come in at 10535 and 10500 levels.
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Resistance: 10700, 10750, 10800
Support: 10600, 10550, 10500

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