27 February 2018

NIFTY PREDICTION FOR 28 FEB 2018


BULLS WERE UNABLE TO BREAK THE RESISTANCE 10650 TODAY.
We may see nifty trading above 10650 tomorrow

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Bulls tight end grip on Dalal St reet ; Nifty reclaims 10,550 mark
Benchmark indices closed lower on Tuesday, snapping a two-day winning streak, dragged by bank stocks. The Nifty PSU Bank index declined 3.5% following Punjab National Bank’s disclosure that the amount of fraudulent transactions could be as much as Rs12,700 crore.The Sensex has opened at 34558 made a high of 34610 and low of 34314 and closed at 34346 ,loss25 points. The nifty future has opened at 10616.15 made a high of 10639.70 and low of 10540.55 and closed at 10564 with loss99 points.Today, the start is likely to be on positive side as investors keep an eye on the GDP data for December quarter due on Wednesday.GDP probably rose 7% in three months to December year-on-year, according to a Bloomberg survey, versus 6.3% in the previous quarter. 

Monday turned out to be a remarkable day of trade for Indian equity benchmarks where bulls tightened their grip on Dalal Street, with Nifty and Sensex recapturing their crucial 10,550 and 34,400 levels, respectively. On the daily chart, Index has been oscillating in a range of 10640 - 10300 for last fourteen sessions and has now closed near the higher range. For the coming session, we would be closely tracking the 10640 level as a close above the same can further extend the bounce towards 10700 - 10740 levels. However, this does not change the broader picture as we expect the selling to recommence at higher levels. In case of a failure to surpass this hurdle of 10640, the index may continue trading within the recent range. As far as support level is concerned yesterday’s gap left around 10500 will act as an immediate support. At present, our strategy would be to follow stock centric approach in the ongoing relief rally .Nifty 50 fell 28.30 points, or 0.27%, to close at 10,564 on Monday, as investors looked ahead to key macroeconomic data due this week for direction.
On a daily chart, the Nifty has managed to give a close above its 55 days moving average which is placed at 10557 level which shows positive momentum in the Index. The current Pull-back may last for couple of days but will face stiff resistance at every higher level and that will provide good shorting opportunityA break on the lower side of the trading range will open the doors for testing of 200dma.      
DAILY CHART FOR NIFTY:
Resistance: 10640, 10670, 10700, 10750

Support: 10530, 10500, 10470, 10400

2 comments:

  1. Nifty50 slipped below the 10,500-mark to 10,466.95, down 87.35 points, or 0.82 percent and Shares of Punjab National slumped over 6 percent and fell to a 20 month low.. BEST STOCK FUTURE TIPS

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  2. HII..M NIKHIL
    SINCE LONG M UR BLOG READER, I REALLY LOVE TO READ UR BLOG..GOOD GOING

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