Market Outlook of 14th May, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Nifty closed higher above 10800; a trading range inside 10600-10800 of last 10 days has broken on upside; metal, NBFC and bank shines today.
Nifty index opened gap up and witnesses sustain buying interest till the end of the session. It has given a decisive close above 10800 after consolidating between 10600 to 10785 in the last 10 trading sessions.
It continued to form higher highs – higher lows on weekly for the 7th consecutive week with a gain of 180 points, indicates that bulls are holding the tight grip.
Now, index has to hold above 10785 zones to extend its move towards 10888 then 10950 while supports are seen at 10725 then 10680.
India VIX fell down by 3.07% to 13.97. Decline in VIX suggests that participants are not much worried from the outcome of the Karnataka election result.
Bank Nifty continued its positive momentum and headed towards 26400. Last week it gain with the 764 points.
Now, till it holds above 26100, it can extend its move towards 26750-850 while supports are seen near to 26000-25950.