7 November 2017

NIFTY AND BANK NIFTY OUTLOOK FOR 08 NOV 2017

The Sensex plunged 360 points to close at 33,370 due to negative domestic and global cues. Profit-booking by funds and retail investors, rising crude oil prices.Similarly, Nifty closed lower by 101 points or 0.97 per cent at 10,350sensex touched a high of 33,865 and a low of 33,341 against the previous close of 33,731. Except IT stocks, which rose over 2%, all other indices ended lower with PSU Bank and Nifty Pharma falling 3.92% and 4.29%, respectively. Energy, consumer durables and realty indices fell more than 2%. 

For tomorrow Short-term traders can make use of bounces to go short at 10440-10450. Stop-loss can be placed at 10500 for the target of 10400/10370. The downside pressure will ease only if the nifty futures manage to break 10500 decisively. But such a strong bounce looks less probable at the moment. If nifty breaks 10500 then traders can hold for target of 10525/10550 The support for the Nifty is 10380-10350-10330-10300 and the resistance to the up move is at 10480-10510-10530-10560 levels.

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