11 October 2018


Market showed a disappointing performance in Thursday's trading session after a strong show in Wednesday’s trade. Wednesday’s rebound on D-Street proved short-lived. The Sensex erased all gains of 2018 on Thursday, as the index plunged over 2%, following selloff in global markets, which was triggered by significant losses in Wall Street in overnight trade. The US stock market plummeted to its lowest level in over eight months. This engulfed Asia and Europe too. European stocks slumped to more than 18-month low in their early trade today. . The global rout, triggered by an overnight tumble on Wall Street, has reached Indian shores and the Sensex fell over 1000 points today while the Nifty hit 10138 at the day’s low.  The Sensex tanked 759 points, to 34001. While Nifty closed the day at 10234 down 225 points. The bloodbath on Dalal Street follows a rout in global equity markets after Wall Street suffered its worst drubbing in eight months, erasing hundreds of billions of dollars of wealth.
Some more choppiness could be witnessed in the upcoming session. The recent swing low of 10138 levels could help bears to rule. Now 10200 levels has become an impotent level for nifty. Only above 10200 levels could help bulls to comeback in the ground.  Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 10100 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 10000 level. A decisive close above the 10300 level should usher in a sustainable uptrend. 
More about intraday tips on Google +
Resistance: 10300, 10400, 10500
Support: 10200, 10100, 10000

No comments:

Post a Comment