Market Outlook of 7th May, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Nifty continued its decline for the third day; all sectoral indices end in then red except Nifty Bank; 10800 act as a strong resistance.
Nifty index opened flat and remained under pressure throughout the session. Nifty has been making lower highs – lower lows for last 2 sessions and till it holds below 10638, weakness could be seen till 10550 and 10500 while it sustains above 10680, then the upside could continue towards 10780-10800.
India VIX moved up 2.08% to 13.12. VIX spiked after the decline of last 4 weeks and it requires a hold below 13.50 to bring positivity back to the market.
Bank Nifty outperformed the Nifty for the week as it closed positive with the gain of 1% against Nifty’s 0.69% loss. It has seen the highest daily close and has been holding its winning streak from last 6 sessions.
Now, it has to continue to hold above 25500 to extend its move towards 25750 then 26000 while supports are seen at 25250 then 25100.