28 February 2018



NIFTY is on a SIDEWAYS course, as top end of the band @ 10630, pushes NIFTY on back-foot
The downside rally could test all the way through 10450-10300 levels in the upcoming weeks

On Tuesday, Matching global cues index opened gap up but could not hold the gainsas PSU banks were under selling pressure which overall took away the positive sentiment and Nifty was trading around crucial levels of 10640 which it could not sustain.The Sensex has opened at 34155 made a high of 34302 and low of 34076 and closed at 34184 , loss 162 points. The nifty future has opened at 10495 made a high of 10555 and low of 10466 and closed at 10519 with loss 44pointsThe Sensex ended lower by 162.35 points or 0.47 per cent at 34,184.04 and the Nifty closed down by 61.45 points or 0.58 per cent at 10,492.Domestic sentiment was hit as fears of faster interest rate hikes in the United States hurt investor risk appetite. Traders also remained wary ahead of IIP data for February and December quarter GDP numbers to be published later today.Later the index slipped to sub-10,540 mark and finally after a narrow range oscillation, finished trade with the loss of 28 points at 10,554 level.On a daily chart, the Nifty closed below its 22&55 days moving average which is placed at 10557 level which shows negative momentum in the Index.Today, the start of the session is likely to be on negative side on weak global cues and traders will be eyeing the dataprint for the December quarter GDP and fiscal deficit data that will be announced later in the day. Asian and European markets exhibited mixed trend ahead of Federal Reserve Chairman Jerome Powell’s highly anticipated first congressional testimony later in the day.A break on the lower side 10460 of the trading range will open the doors for testing of 200dma(10090).
For the coming session, 10600 – 10640 would continue to act as immediate resistance; whereas, 10460 - 10380 remains to be an important support zone. However, in case of further decline, its 200-day moving averages (placed at around 10,090 level) will continue to work as key reversal point.Nifty continues to move in a range (10400-10640). This can be termed as a Consolidation with a bearish bias. A narrow range seems like a precursor of a bigger move which is likely to follow. A break on the upper side of the range will lead the Nifty to test 10670-10700; whereas a bearish  breakout to the trading range will lead the Nifty towards the Flag target of 10400/10290.
Resistance: 10600, 10640, 10670, 10700

Support: 10500, 10470, 10400,10290


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