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India Pre Market News : 28 May 2020

STOCKS Global equities continue to trade strong. Dow, DAX and Nikkei have risen further sharply and are coming closer to their key intermediate resistances which can hold on its first test. A corrective fall is possible from there before another fresh leg of rally begins. Sensex and Nifty have risen past their key resistances and has reduced the danger of seeing a fall that we had been expecting. The outlook is bullish and the indices can move further higher. Shanghai needs to break above its near-term resistance in order to gain strength and move higher. Dow (25548.27, +553.16, +2.21%) has moved up further and is heading towards 26000 in line with our expectation. The level of 26000 is a strong resistance which might hold on its first test. As such we can look for a corrective fall from 26000 towards 25000-24500 in the coming days. DAX (11657.69, +153.04, +1.33%) has risen past 11500 decisively and is keeping our bullish view intact. A test of 12000-12100 is likely now and a corrective fall to 11600-11500 can be seen thereafter. Nikkei (21849.09, +429.86, +2.01%) has surged breaking above 21500 and is heading towards 22000 as expected. A corrective fall from the 22000-22500 region towards 20500-20000 is a possibility before a fresh leg of upmove begins targeting 24000 over the medium-term. Shanghai (2833.87, ?2.94, -0.10%) has failed to sustain the break above 2850 and has come-off sharply from the high of 2861 today. A decisive close above 2850 is needed to strengthen the

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