Moneyites January 31, 2018 No Comments

MARKET SUMMARY: –NSE Nifty index shut shop at 11027 (-21 points), The Indian benchmark index Nifty50 slides second straight day ahead of Union Budget 2018. The Nifty50 Index starts the day with a gap down opening and after filling the gap slides to the day worst level of 10979. On the back of Reliance Industries and Banking Stocks, the Nifty50 index takes off from the day low to close with the marginal losses.

Reliance Industries Ltd  Up 1.15% at 961.30.

Bank Nifty Index gain 110 points or 0.40% to close at 27379.

Tata Steel tank -9.13 % to 705.05.

Indian VIX down to -2.95 % at 15.93.

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TECHNICAL COMMENTS: – On the Daily Chart, The Nifty50 index forms a Doji pattern and holds support at 10 days SMA in today’s trading session. The Nifty50 index remains in positive territory till holding above the level of 10965 on the closing basis.

On indicator front, the index holds above the 70 mark in RSI and the MACD indicator is trading above the signal line, signs buy in the short term.

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Nifty50 Index expected to trade in a broader range and budget announcements will set the base for the future tone of the market in the coming time.

BOTTOM LINE: – On the Big Day. Higher volatility will be there so market traders and investors are advised to remains sectors and stock specific to the budget proceedings are done and have cash avail with them to utilize the opportunity for the maximum returns.

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