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Index Outlook For 11th June 20

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Key index Nifty ended with healthy gains on June 10 amid mixed global cues awaiting announcements from the Federal Open Market Committee (FOMC) scheduled for later today (June 10).

The Nifty settled 70 points, or 0.69 percent, higher at 10,116.15.

Although the US Federal Reserve is expected to maintain the status quo, the market will be looking out for any hints, which could impact it, and the direction: depending on whether it is hawkish or dovish in tone.

Markets have been consolidating in the range of 10,000-10,300 for the past few trading sessions. The midcap space witnessed build-up in momentum and we expect the same to continue. Currently, all data parameters suggest buying on dips. On the sectoral front, we expect banking and metal stocks to lead while positive trends are seen in the auto and commodity space.

Nifty Future Intraday Level

Resistance 1 – 10162
Resistance 2 – 10191
Resistance 3 – 10217

Support 1 – 10117
Support 2 – 10086
Support 3 – 10057

Bank Nifty Future Intraday Level

Resistance 1 – 21375
Resistance 2 – 21481
Resistance 3 – 21605

Support 1 – 21215
Support 2 – 21091
Support 3 – 20966

Note – Level May subject to Gap up and Gap Down Opening.

Thanks!

ProCapitas Market-Pro Team

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