Market Outlook of 22nd May, 2018.
GFS Wealth Creators Suggestion and View on Indices.
The index slipped for a 5th consecutive session in a row.
Nifty open positive but failed to gather momentum and close marginally above its crucial support.
The Nifty index continued its selling pressure and has been forming lower highs- lower lows for last 5 sessions.
As long as it holds below 10550 weakness could extend towards its next support at 10440 then 10400 zones, while on the upside, immediate hurdle exists at 10600.
India VIX moved up by 1.84% to 14.41.
Bank Nifty opened flat and remained in a broader range between 25850 to 25650.
Now, as long as it sustains below 25900, it could see further weakness towards 25500 and 25250 while hurdle is seen at 26000.