Market Outlook of 23rd May, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Sixth day lucky after five days of falling, nifty finally closely higher intermediate trend remains down; rally may face resistance around 10600.
Nifty index traded in a range of 50-60 points throughout session and closed near its 50 day EMA. However, it continued to form lower highs – lower lows for last 5 sessions and needs to negate the same to get short term stability.
Now, it has to hold above 10550 to witness bounce back towards 10625 then 10650 while on the downside 10480 and 10440 are likely to act as key supports.
India VIX fell by 5.60% to 13.6.
Bank Nifty traded in the trading range of the previous session and managed to close flattish after the weakness of last 5 sessions.
Now, it has to surpass the immediate hurdle of 25950-26000 zone to get a consolidated move with the upside hurdle at 26100 then 26250 while on decline supports are seen at 25500 then 25250.