Nifty View: Nifty ended sharply lower, continuing weakness for the fourth consecutive session amid uncertainty over government formation in Karnataka. Likely trading range in Nifty with a support level near 10600 and a resistance near 10900 remained intact so far. However prices have closed lower near the lower end of this likely trading range.

It was another downtrend day in nifty. The index has seen a fall throughout the day. Bear used minor rally to add and that forced prices to close lower near 10600. We are advising to step aside and avoid trading in the index till a confirmation is seen. Technically, a close above the 10880 level shall suggest short-term strength whereas a breach of the critical support placed at 10550 can trigger a fresh down move.

We advise the short-term traders to observe extreme caution.

Nifty Market outlook - 21 May 2018

Stock of the Day:

COMPANY NAME

CMP B/S

RATIONALE

INDUSINDBK

1923.15

BUY

 The  trend of the script is bullish. On the intraday chart ,there is a trend line breakout and therefore, it can be bought above 1925 with a stop-loss of 1910 and target of 1940

 

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