Sell­ing pres­sure to con­tinue

Money Times - - Market Outlook Press Release - By Ro­han Nalawade

Last week, the Nifty faced strong re­sis­tance at the 10790 level be­fore it slipped to­wards 10500. Now, 10650-100700 have be­come strong re­sis­tance lev­els and a sell­ing op­por­tu­nity may emerge around 10690-10700 lev­els. Sell on rise. 10440 is a strong sup­port level for the bulls. If the Nifty breaches this level, then the sell­ing pres­sure may con­tinue for 10200-9500 lev­els. Buy­ing trend will emerge only if the Nifty crosses 10750.

The De­cem­ber F&O con­tract se­ries will start this week. State elec­tion re­sults will have a ma­jor im­pact on the mar­ket. If the BJP wins, the mar­kets will rally but if the BJP loses, the mar­ket sen­ti­ment will turn neg­a­tive and the mar­kets may con­tinue to cor­rect for an­other 2-3 months till March 2019. The elec­tion out­come of im­por­tant states like Ra­jasthan, Mad­hya Pradesh, etc, will play a cru­cial role in de­ter­min­ing the out­come of the up­com­ing Lok Sabha elec­tions in May 2019. So trade cau­tiously till then.

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✓ Sell

Sell

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