Market Outlook of 4th May, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Nifty continued its decline; momentum is waning; 10800 acting as a strong resistance.
Nifty index made an opening high at 10720 and remained under pressure with support in the 10638-10650 zones. Nifty closed negative on the 2nd session.
It broke out of the consolidation range between 10500 and 10638 last week and the previous hurdle may now act as a support to again get the positive momentum.
Nifty has to hold above 10638 to witness an up move towards 10780 then 10800 while below 10638, it could see some weakness towards 10550 then 10500.
India VIX moved up by 1.13% to 12.98. VIX has to remain below 13.50 level to get stability, else there could be some decline.
Bank Nifty opened flattish and remained range bound throughout the session. Now, it hast o hold above 25500 to extend its move towards 25750 and 25850 then 26000 – 26250 levels, while supports are seen at 25250 then 25100.