Market Outlook of 3rd May, 2018.

A gap up and then a sharp intraday decline; Nifty closed with minor losses ahead of Fed meeting outcome.

Nifty index opened gap up but failed to hold the gains and corrected towards the 10690. Index closed negative and negated the formation of higher highs of last 3 sessions.

Now, 10650-680 acts as a major support and resistance at 10800-10830. Fall below 10680 could trigger profit booking towards 10638 then 10600 zones.

India VIX moved up 3.88% to 12.84 range.

Bank Nifty continued to higher highs – higher lows for last 4 sessions. Yesterday it failed to surpass its immediate hurdle of 25700-25750 zones.

As long as its holds above 25250, it could extend its move towards 25750 then 26000 while supports are seen at 25250 then 25100.

 * 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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