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Index Outlook For 29th May 20

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Nifty settled with gains for the second consecutive day on May 28 amid reports of reopening of more economies and a bigger than expected stimulus plan for the European Union.

The Nifty settled 175 points, or 1.88 percent, up at 9,490.10.

Nifty has managed to surpass its immediate and crucial hurdle at 9,450 so it may be heading towards 9,650-9,750 levels. We feel banking and financials will continue to play a critical role. Amid all, market participants are likely to keep a watch on GDP data scheduled on May 29 while on the global front any news on US-China tussle will be on investors' radar. Further, the on-going earning season would keep stock-specific volatility high

Nifty Future Intraday Level

Resistance 1 – 9548
Resistance 2 – 9570
Resistance 3 – 9593

Support 1 – 9490
Support 2 – 9453
Support 3 – 9424

Bank Nifty Future Intraday Level

Resistance 1 – 19249
Resistance 2 – 19351
Resistance 3 – 19479

Support 1 – 19017
Support 2 – 18912
Support 3 – 18807

Note –
Level will subject to Gap up and Gap Down Opening

Thanks!

ProCapitas Market-Pro Team

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