2 November 2017

NIFTY & BANKNIFTY OUTLOOK FOR 3 NOV. 2017

"BUY 1 LOT AXISBANK FUTURE ABOVE 536.40 TGT 541.90/546.50 SL 531.20"
"SELL VEDL FUTURE BELOW 340 TGT 337.50/335.50 SL 342.50"
Market was in consolidation phase today, Nifty future moved in a narrow range of around 40 points. Nifty and Sensex ended trade on a flat note The Sensex was down 27 points at 33573 and Nifty future closed at 10452. The Nifty future is holding its "bullish gap" (10400-10350) which remains a crucial support zone in near term. On the upside an immediate resistance is around 10525 and if index mange to surpass this supply zone then possible upside is around 10555-10570 levels.
As of now, there is no visible technical weakness, traders are still advised to remain cautious and maintain a bullish stance with a tight stop below 10400 on closing basis. If 10500 is cleared on the upside then this rally shall ideally get extended up to 10555 levels.

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