29 November 2017

NIFTY ON EXPIRY DAY 30 NOV 2017

The market closed marginally lower on Wednesday ahead of November future and options expiry and September-quarter gross domestic product (GDP) data. Traders are cautious ahead of GDP data due to be released on Thursday. The Sensex fell 15 points to 33602 and Nifty was down 9 points to 10361 level on a day marked by rangebound trade.  While the Nifty future moved in a range of 10365 to 10400, the Sensex traded in a wider range of 33553 to 33728.

The index closes below 10360.This is a sign of weakness; however, unless follow on selling comes tomorrow to tilt the scales in favor of the bears, there is still not much to worry. Tomorrow being an expiry day what we need to watch out for is its ability to hold above the 10300 level if there were to be any fresh weakness in tomorrow’s session. Staying above 10300 would mean getting some gumption back, and if it were to stay above 10350 then that would be the first sign of strength. On the downside, below the 10300 level strong support exists between 10275 and 10250 levels. Major support, of course, remains between 10225 and 10200.
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RESISTANCE: 10400, 10450, 10500
SUPPORT:  10300, 10250, 10200

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