Moneyites February 3, 2018 No Comments

Market Summary:- The Nifty 50 index tank 256 points and closed in red at 10760  post-Union Budget 2018. The Nifty 50 Index has biggest weekly loss of 3.15 % in a year.

The implication of LTCG and lack of incentives from budget force Markets to drag down.

Technical Comments: – On the Daily Chart, The Nifty 50 index forms a long Bearish candle and closed near the day low with weakness.

MACD signal a sell crossover and RSI is trending in the weak Zone.

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On the Weekly Chart, The Nifty 50 index forms a Bearish Engulfing Pattern signs further weakness or profit booking in the coming time.

Nifty 50 index has immediate support at 10660-10500 in the coming time, Whereas immediate resistance place at 10900-11120.

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Bottom Line: – Trading Strategy for Nifty traders, Sell on High with stop loss.

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