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.
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.
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Resistance: 10300, 10400, 10500
Support: 10200, 10100, 10000
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