The
Indian equity market began the week on expected lines as the benchmark index
Nifty50 ended 99.50 points or 0.95% lower. The Nifty50 declined for the fourth
consecutive session due to fears over global trade war amid political
uncertainty in Italy on Monday. On
Tuesday, The Nifty50 took its losing streak to the fifth consecutive session,
breaking its decisive 10,300-630 range to confirm a downtrend. The index opened
with an upward gap around the bearish gap area between 10,340 and 10,300 levels
formed on March 5, before hitting a key resistance at higher levels. The
Nifty50 traded with modest gains all throughout the session, but the last hour
and a half saw the market rapidly paring gains, as the benchmark ended the day
with a net loss of 109.60 points or 1.06%. On Wednesday, The Nifty50 extended
its recent slide to the sixth session,
on weak global cues. The index fell 429 points or 4.05% in six trading
sessions from its close of 10583 on 26 February 2018. On Thursday, The Nifty 50 rallied for the first time after 6 days
of consecutive selling. The markets witnessed an extremely volatile trading
session where Indices trimmed gains in morning trade; however indices came off
the day's low and traded with modest gains till afternoon trade to end in the
green by the final hour of trade. The Nifty50 ended the session with a gain of
88 points, or 0.87%. On Friday, The Nifty 50 faced stiff resistance around the
10,300 level. Selling in the last one hour ensured that the index ends up near
its Intraday low level, forming a bearish candle on the daily chart. The benchmark Index Nifty50 (spot)
opened the week at 10428.30 made a high of 10441.35 low of 10141.55 and closed
the week at 10226.85 Thus the Nifty closed the week with a losing of -231.50
points or -2.21%.
Formations
·
The 20 days
EMA are placed at 10424.13
·
The 5 days EMA
are placed at 10264.89
Future Outlook:
The Nifty daily chart
trend is bullish. We advised to buy Nifty future around 10200 than target will be around
10400 Nifty upside weekly Resistance is 10550-10389 level. On the downside
strong support at 10102-9988.
Weekly Pivot Levels for Nifty 50 Stocks
Weekly Top gainers stocks
Weekly Top losers stocks
Weekly FII’S Statistics*
Weekly Recommendations*:-
