Nifty Outlook by Epic Research

Nifty extend the uptrend for the fourth consecutive day as breadth improved with indices like Banks, Auto and It outperformed. The overall breadth was positive since morning as global markets cues were positive on the back of US-China Trade talks nearing the point of a deal with president Trump delaying the Tariff deadline.

The domestic cues were also positive as GST council reduced the GST rates on new home sales, hence, boosting the demand and relieving the supply side concerns of the real estate sector. The OI data also pointed to a positive sentiment with some short covering in CE strikes while ATM and OTM PE witnessing short build up.

We maintain a buy on dips stance and raise the upside to levels of 10940 – 10970 while lower levels may see support coming in at 10765.

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Posted in: Indian Market Tips