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Index Outlook For 12th May 20

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Domestic equity benchmarks Sensex and Nifty closed in the red on May 11 despite a positive trend in other Asian markets.

The Nifty settled 12 points, or 0.13 percent, lower at 9,239.20.

We believe the market will continue to remain volatile in the near term, reacting to the spread of novel coronavirus, or COVID-19, newsflow regarding the development of its vaccine and government's measures on stimulus and restarting the economy.

Technically, we maintain our negative to rangebound stance. We expect the Nifty to fall towards 9,000, then 8,800, in the coming days. On the upside, immediate resistance is placed at 9,400 and then 9,550-9,600, for intraday Level follow below:-

Nifty Future Intraday Level

Resistance 1 9245
Resistance 2 9280
Resistance 3 9335

Support 1 – 9198
Support 2 9172
Support 3 9153

Bank Nifty Future Intraday Level

Resistance 1 – 18965
Resistance 2 – 19110
Resistance 3 19383

Support 1 – 18834
Support 2 18614
Support 3 18402

Note – Levels may subject to Gap up and Gap Down Opening.

Thanks!

ProCapitas Market-Pro Team

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