5 March 2018

NIFTY PREDICTION & FREE NIFTY TIPS FOR 06 MAR 2018


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The Sensex ended lower by 300 points or 0.88 per cent at 33,746 and the Nifty closed down by 99.5 points or 0.95 per cent at 10,358.85 due to fears over global trade war amid political uncertainty in Italy.Nifty and sensex closed lower for the fourth straight session on Monday following losses in Asia equities amid worries about impact of US President Donald Trump’s proposed import tariffs on steel and aluminium. 
For the coming week, we are keeping a close eye on the10400 mark as we now can see an ‘Upward sloping Trend Line’ converging around this point. Above 10400 some recovery can be seen in nifty towards 10440-10490. A sustainable breach below this crucial support would result into a sharp correction towards 10300 followed by 10250/10110. With a near term view, we continue to remain cautious on the market but ideally we would be convinced to go short only after seeing few days of more such time-correction or a relief rally to retest the higher range of 10640.NIFTY ended holiday truncated week on a flat to negative note. As per the daily chart, NIFTY continued prior daily down-trend and formed an Inverted Hammer Pattern right after an indecisive one (i.e. Doji). Our negative view will remain intact on NIFTY, as major key technical indicators have given a negative cross-over and also, current daily as well as weekly set-up seems bearish. In case of further decline, its prior swing low (placed at around 10,275 level) will continue to work as a strong support for the index. 

On a daily chart, the Nifty has managed to give a close below its 22 &55 days moving average which is placed at 10557 level which shows negative momentum in the nifty. 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.      
Resistance: 10400, 10440, 10490, 10530
Support: 10320, 10290, 10250, 10200

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