Market Outlook of 17th May, 2018.

Nifty ended below 10800 as uncertainty still ahead regarding the Karnataka elections; the index came back in a trading range 10700-10900.

Nifty index opened gap down and remained volatile throughout session. Index negated the formation of higher lows of last 7 sessions and corrected towards 10700.

Now it has to cross and hold above 10785 to extend its move towards 10888, while a hold below 10725 could drag it towards 10680 then 10625.

India VIX moved up 2.09% to 13.43.

Bank Nifty opened negative and traded in broader range between 26100 to 26400.

Now, if it sustains below 26250 then profit booking could take it towards 26000-25950 zones while on the upside, immediate hurdle is seen near 26500.

* This material is for information purposes only and should not be construed as an offer or solicitation of an offer to buy or sell any securities.

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