It’s
a wide opening for today, after controlling bulls for almost all trading
session on Tuesday. It shows a clear start to New Year 2018. Market Breath is
running positive with a ratio of 5:4 and broader indices closed
flat-to-positive outperforming benchmarks.
If
it is leading to short-term pressure in the market then there will be need to
see follow-through action on the downside. From last few days index have been
trading in a narrow range but closer to its all-time high levels.
Hence,
breaking below 10400 levels, the index may decline initially towards 10320 and
then 10230 levels. Also, INDIA VIX moved up by 5.39 to 13.35 and has been
inching up in last one week from low of 11.6 levels.
Further,
the rise in volatility is being the cause of concern for bulls. On the upside,
Nifty has overhead resistance at 10550 levels. It needs to cross above 10550
levels for it to rally towards 10700 and then 10840 odd levels on the upside.
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