MARKET SUMMARY: – In Last trading session of the week Indian benchmark index Nifty closed in green at 10321 with the gain of 13 points. The Nifty index remains volatile and traded in the range for the whole day. ON WoW basis the benchmark index nifty trims 130 points from the last week closing. In the last week, the Nifty index marks an all-time and weekly high of 10490 level and weekly low of 10254.
TECHNICAL COMMENTS: – On daily charts, the Nifty index forms a spinning top formation Signs neutral for now. The Nifty index trending downside, but halt the losing streak on hopes of a positive trigger from the GST council meets on the last Friday.
A thumb up is given to the outcome of GST rate cut and ease in filing returns form the business perspective, definitely a positive move to boost the economy from drying liquidity and accepted a better second half for the economy.
In short-term time frame, the Nifty index closed on a positive note. The index price broke out of declining channel pattern and closed above the short term EMA of 5 and 14 days. A positive holding above the level of 10300 marks may retest the upside level of 10335-10368-10400 in the coming time. Whereas below the 10300 mark market may see further selloff to the level of 10265-10240-10200 on the downside.
BOTTOM LINE:-The market expected to remains in the range of 10200-10400 level. A positive closing above 10400 marks may change in market sentiments and Fresh long position can be made. Whereas below the level of 10200 marks further downside can continue in the coming time.
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