02 June 2018

In continuation to our last NIFTY outlook sent on April 7 , Nifty made a bounce back to 10929 levels as a corrective rally and a follow through fall is what we are expecting from coming months inspite of robust Jan –march GDP quarterly and some good corporate results .Market closed yesterday at 10696 in the positive territory and it’s expected to rise further towards 10800-10900 level in next few days before falling from 10850-10900 levels.10850-10900 will mark a stiff resistance in coming week and market will start declining from second half of the month. Last month close in candle stick was “ hanging man” formation and the prices might be seen to reverse .Only a break of 10900 now on the upside will push the prices further higher towards 11300 ( fresh high) else it is good to sell NIFTY at 10800-10850 levels with a SL of 11000 with a target of 9800 by September.

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