Moneyites March 10, 2018 No Comments

MARKET SUMMARY: – Nifty 50 Indian benchmark index shut shop in red at 10226 after slipping -0.15% in last trading session of the week. The Nifty 50 index starts the day with a gap up opening but selling pressure on the higher level erased the morning gain and pushed down nifty to closed in red by the day closing.

On WoW basis, Nifty 50 index slips -2.2% and mark weekly low of 10141.


On Charts, The Nifty 50 index forms a bearish candle and closed below the 20 days SMA in today trading session. The main index trending downside and facing stiff resistance at the higher level.

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The Nifty 50 index holds immediate support at 10120 level below that 10075-10000 can be tested on the downside. A breakout of 10000 with conviction may open door to 9700 on the downside.

Whereas if nifty holds above 10302 level, a short-term pullback to 10360-420 can be seen. For now, bulls are resting above 10550 level.

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The US eases of the tariff may give some relief to the market in the short run and nifty may start the week with a gap up opening.

BOTTOM LINE:- Trading strategy for Nifty traders, Go long if Nifty holds above 10302 level for the upside of 10360-420, Below 10300 nifty remains weak.

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