Market Outlook of 29th May, 2018.

Rally extended for the third day; trading near its resistance at 10700; all sectoral indices closed higher except Nifty IT.

Nifty index opened with a gap up and extended its gains towards the 10710. It formed a bullish candle on the daily scale and made higher highs – higher lows for 3rd consecutive session.

As long as it holds above 10620, it may extend its gains towards 107354 and then max to 10800 while supports are seen at 10620 then 10550.

India VIX moved up by 3.28% to 13.05%.

Bank Nifty continued its positive momentum for the 3rd consecutive session and headed towards 26700.

As long as it holds above 26500, it could extend its gain towards 26750 then 27000 while supports are seen at 26250 then 26000.

* 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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