Market Outlook Of 28th May, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Nifty extended rally for the second consecutive session, closed above 10600; trading inside its resistance zone 10600-10700.
It was another volatile week for the Nifty 50 index, as it declined to an intra-week low of 10417 before bouncing back to close on a marginal positive note. The index has added just 8.75 points last week.
Nifty index witnesses sustain buying interest throughout the session. Now, till it holds above 10550 it could extend its gains towards 10680 then 10725 zones while on the downside supports exist at 10550 then 10500.
Index VIX fell down up by 4.46% at 12.55.
Bank Nifty has gained 397 points or 1.5% last week, outperforming the bellwether indices. After an initial decline, the index took support at 25622 and reversed higher. With this rally, it appears to have resumed its short-term uptrend that has been in place from the March low of 23605.
Bank Nifty extended its gains towards 26300 zones. It is making higher highs-higher lows from last 3 trading sessions. Now till it holds above 26100, it can extend towards 26500 then 26750 zones while supports at 26000 levels.