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The domestic market stayed afloat in volatile trading and was able to stay positive on optimism that the global banking system woes are behind us. In addition, volatility stemming from western markets ahead of the Fed policy announcement and the release of high UK inflation put market sentiment to the test. The market has priced in a 25 basis point rate hike by the Fed and consistent and less restrictive policy will attract bulls. The Nifty had a trading day in a range today. It opened on a positive note and then consolidated to end the day up ~44 points. Looking at the daily charts, we can observe that the Nifty is in pullback mode after correcting around 1000 points between March 9th and March 20th. Benchmark indices ended the volatile March 22nd session higher. At the close, the Sensex was up 139 points, to 58214 and the Nifty was up 44 points to 17151. Around 1993, stocks rose, 1421 stocks fell and 128 stocks remained flat. Today the daily momentum indicator triggered a new positive crossover, which is a buy signal. Also, we believe the pullback is ongoing and expect it to continue in the next few trading sessions. On the upside, we expect a retracement to the 17200-17400 levels where resistance will form in the form of the 200-day moving average and also a gap on March 10th. On the underside stands immediate support at the bottom of the down-sloping channel 16850 16750.
Resistance: 17200, 17250, 17300
Support: 17150, 17100, 17050
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