10 May 2018

VEDL PROFIT BOOKED ; NIFTY OUTLOOK FOR 11 MAY

Thursday’s Range bound trading session ended on bearish note but the Nifty managed to hold 10,700-mark while sensex closed 10 points down. The day began on a positive note as the Sensex opened 100 points higher, while the Nifty too traded above 10,750-mark. But selling pressure among sectors such as PSU banks, metals and pharma dragged the indices through the afternoon. At the close of market hours, Sensex was down 73 points at 35246, while the Nifty future ended lower by 44 points at 10725, it has opened at 10772 made a high of 10794 and low 10715, total 79 points nifty future moved in intraday.
The market on Thursday failed to capitalize on the strong show of the earlier session, as the nifty once again faced consolidation on the expected lines. The Nifty failed to move past the 10,794-mark and chose to consolidate in a range. The indexes headed nowhere and oscillated in a given capped range. We will see the market continuing to consolidate. The levels of 10800 will continue to act as immediate resistance area for the market. The levels of 10825 and 10850 will act as an immediate resistance levels. Supports may come in at 10775 and 10725 zones. 
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Resistance: 10800, 10850, 10900
Support: 10700, 10650, 10600

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