"LT FUTURE GIVEN IN LAST POST ACHIEVED 1ST TGT"A choppy trading session ended on flat note with minor losses dragged down by metal and IT indices. The Sensex ended at 35176, up 16 points while the broader Nifty future settled at 10,739, down 21 points. Nifty future started at 10779 made a high of 10785 and low of 10706. Sentiment across the globe was muted as investors await the US Federal Reserve’s policy decision later in the global day for cues on the future pace of US monetary tightening. The Fed is seen set to hold interest rates steady but will likely encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.
We see some possibilities once again of consolidation happening at higher levels, we expect a quiet to modestly positive start to the trade on Thursday . The market is likely to see this expansion happening until its next logical targets of 10825 -10850 zones. However, this is less likely to happen without any intermittent consolidation spells. Thursday will see the levels of 10835 and 10875 working out as immediate resistance for the market. Supports exist at 10675 and 10625 zones.
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Resistance: 10800, 10850,
10900
Support: 10700,
10650, 10600
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