7 May 2018

NIFTY OUTLOOK & FREE NIFTY FUTURE TIPS FOR 8 MAY 2018

Bulls came in action & took nifty above 10700 mark but failed to sustained & closed below the 10750 market at 10739. The surge in Street came on back of bank stocks as the Nifty PSU Bank sub-index gained in excess of 2 %. Other major sub-indices- Auto and FMCG also closed 1.50 % above previous closing. IT and pharma were the only sub-indices to close in the negative territory. Nifty future has opened at 10679 made a high of 10746 & low of 10645. Total 101 points nifty future has moved in intraday.
Short-term outlook for the market remains positive till Nifty trades above 10700 levels and expecting targets in the range of 10800-10900 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 10600 levels and expecting targets in the range of 10950-11000 levels in medium term. Bank Nifty also closed in positive territory. It has outperformed during last week as well. It made a high of 25753 levels so far in this rally. It can be also possible to count end of Wave-I of (5) impulsive rally from recent bottom from wave count perspectives. One can expect higher levels targets around 26200 levels till it holds crucial support of 26000 levels in short term & further above 26400-26600 levels in medium term. Any kind of decline is also buying opportunity for bank nifty for short to medium term perspectives.
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Resistance: 10800, 10850, 10900
Support: 10700, 10650, 10600

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