Market Outlook of 11th May, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Nifty closed lower near 10700; a trading range inside 10600-10800 remained intact for last 9 trading days.
Nifty index opened positive but failed to surpass 10785 and corrected towards 10700. It found supply near previous week’s high of 10784 marks.
As long as it holds above 10680, it can extend its rally towards 10780 then 10800-10830 zones while a hold below 10680 can drag it towards its major supports at 10638 and 10600.
India VIX moved up 1.09% to 14.43. VIS has been rising for last 8 sessions, and spiked from 12.02 to 14.43.
Bank Nifty remained range bound, but witnesses selling pressure in the last hour of trade due to weekly expiry. Finally it closed negative after positive close for 9 sessions.
As long as it holds above 25950, it can extend its move towards 26250 then 26500 while supports are seen at 25950-26000 then 25850.