Market Outlook of 9th May, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Nifty ended flat after opening with a gap up; intraday movement was very volatile; a trading range inside 10600-10800 remained intact from last 7 days; outperformance in Bank Nifty continued.
Nifty index opened positive but follow up buying was missing at higher levels and it got stuck in a range of 40-50 points, It formed a contradicting pattern, which suggests sideways movement.
As long as it holds above 10680, it can extend its rise towards 10780-10800 zones, while a hold below 10680 may drag it towards 10638 then 10600.
India VIX moved up 2.14% to 14.05.
Bank Nifty continued sustains buying interest and has been making higher highs – higher lows for last 4 sessions. It continued its bullish momentum for 8 sessions.
As long as it holds above 25750 it can extend its move towards 26250 then 26500 while supports are seen near 25750.