15 March 2018

NIFTY PREDICTION & FUTURE OPTION CALLS FOR 16 MARCH 2018



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A volatile trading session has ended on bearish note after the Wall Street declined amid concerns that the US could impose severe tariffs on Chinese imports and that the US Federal Reserve could raise interest rates as early as next week. Traders are also awaiting trade deficit data for February due later in the day. Stock benchmarks made a few attempts to break free today, only to end in negative territory, pulled down by banking, energy and oil & gas stocks. After opening in the positive zone at 33843, the Sensex advanced to the day's high of 33866 at the outset. It later gave up gains and fell to a low of 33637, dragged down by banking stocks. However, the index managed to recoup some of the losses after European shares opened better. The sensex closed down by 150 points at 33685.  The sensex had lost 82 points in the previous two sessions. The Nifty future, after cracking below the key 10400-mark, touched a low of 10,359, before finally ending down 59 points at 10366. Nifty future has made a high of 10429 in intraday.
The Nifty future has slipped below support level 10375 & closed at 10366. Going into Friday’s trade, the market is poised in a tricky situation. We might see modestly positive to flat opening. Shorts are being added to the system given the fact that the support level 10325 remains in close vicinity at 10300, the market may seek to take some respite from the current spate of weakness.  On the other hand, the 10450 and 10500 levels will pose stiff resistance on the upside. We recommend avoiding shorts and keeping overall exposures moderate while keeping a cautious view on the market.
WEEKLY RESISTANCE FOR NIFTY: 10450, 10475, 10500
PIVOT POINT: 10350
WEEKLY SUPPORT FOR NIFTY:  10300, 10275, 10250

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