Wednesday, December 26, 2018

NIFTY OUTLOOK ON EXPIRY DAY 27 DEC 2018

NIFTY TODAY
Bulls are back in action & took nifty to 10700 level. At the close of market hours, the Sensex closed up 179 points at 35649, while the Nifty was up 66 points at 10729. Indices rallied after falling nearly 3% in last three sessions as domestic sentiment got a boost from crude dropping below $50 per barrel amid short covering ahead of December derivatives expiry which is due tomorrow 27 Dec 2018.
NIFTY TOMORROW
Due to last three days’ smart rally, 10600 became the strong support for the current series and a possibility of extending this move increased. In line with this, we saw index heading towards the mentioned resistance zone of 10800 – 10850. And as we advocated about lightening up positions around it, we saw some profit booking at higher levels. Going ahead, 10875 remain to be a sturdy wall and if index has to extend this rally further, it needs to surpass this corridor of uncertainty with an authority. On the other side, a sustainable move below 10675 would lead to some profit booking in coming days. With a positional view, 10600 – 10550 has become a key support area for the market.
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Resistance: 10800, 10900
Support: 10600, 10500

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