MARKET SUMMARY: – The Benchmark Index Nifty50 registered a weekly gain of 1.15% to close at 10113. This past week, Nifty50 takes off from the worst level of five months low of 9998 and retreats previous week losses on Monday and Tuesday but selling pressure at the resistance level of 10230 holds back Nifty to settle at 10113.
last Weekly data of lower claims of US Unemployment may set the positive tone for markets in the coming week.
This coming week, Market eyes on RBI Policy scheduled to announce on April 6 of this week, and I expected RBI may take a hawkish stance.
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Nifty50 10113.70:- On the daily chart, Nifty50 forms a small bearish candle taking resistance from the declining supply line. Nifty next hurdle remains at 10230 level that its taking resistance from the last two weeks. Nifty50 has crucial resistance level at 10230 above that 10330-10420 can be retested on the higher side. On the contrary, Nifty50 has immediate support at 10095 level below that 10030-9950 can be seen on the downside.
Bank Nifty 24263.35:- Bank Nifty forms a small Doji and holds above the resistance line in the last trading session. Bank Nifty index has immediate hurdle at 24500 level above that it may trend up to 24720-24980 on the upside. The Bank Nifty immediate support stands at 24200 below that 24090-23720 can be seen on the downside.
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BOTTOM LINE:- Trading strategy for Nifty traders, “Go long” Aggressive traders can enter at the current level whereas conservative traders can wait for the level to breach on the higher side and maintain Positions with stop loss given.