Short-term outlook for the market remains positive: Devang Shah

10000 & 10700 levels is strong support & resistance levels range respectively based on option open interest data so far for next month series

NIFTY      

CLOSE- 10331.60 (06.04.2018)

The market closed 2nd consecutive week in positive territory. It’s able to hold crucial support near 10100 levels on Nifty. It made a high & low of 10350.50 levels & 10111.30 levels respectively on Nifty during the week. As anticipated, we have seen rally till 10300-10350 range so far on Nifty this week. By looking at broader structure, I am concluding as “end of short-term wave-iv correction/ short-term bottom & beginning of wave-v upward rally towards higher levels targets in the medium term”. One should expect the markets to trend towards higher levels targets as mentioned below in