Moneyites February 9, 2018 No Comments

MARKET SUMMARY: –Indian Benchmark Index Nifty50 slips -1.15% to close at 10454.95. on the last trading session of the week. The Nifty50 index starts the day with the gap down opening of 160 points at 10416 and extends losses further to marks the day low of 10398. It is in second half the Nifty50 index recover some losses and manage to close at 10454.00

As mentioned in the previous Weekly Report, The Nifty50 index shown the correction and closed below the final target of 10500 level.

The Market main index marks weekly low 10276 but managed to erase some losses to close at 10454 after sliding -2.84% in the week.

TECHNICAL COMMENTS: – On the daily Chart, The Nifty50 Index forms a small green candle. The main index starts the day on a weak note and keeps on consolidating near the day low by the market closed.

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On closing, RSI holds at the 36 marks and MACD gives a sell crossover with negative divergence on the indicator front.

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nowadays The Nifty 50 index witnessed an increase in the trading range and Currently, the index hold major support at 10400 level. A convincing breakout and closing below the level may open more downside to the level of 10275-10150 in the coming time. whereas holding above this level Nifty index may trend up to 10580-10730 in the short run.

The Nifty 50 index trending in line with the global market selloff.

BOTTOM LINE:- Trading strategy for Nifty traders, Buy Low and Sell High.

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