Nifty closed last day on negative note losing around 100 Points with a day low of 323.90.
Index opened with gap down of around 22 points and than we saw a sharp fall of 50 points with in starting 10 minutes. Then Nifty managed to stay around 10375 for a while & started dragging down and made a day low of 10323.90.
During the last week resistance for the index lies in the zone of 10650 to 10750 from where the index has opened gap down. If the index manages to close above these levels then the index can move to the levels of 10900 to 11000 from where the index broke down after consolidation.
During the last week the index manages to hit a high of 10632, where the 50DMA lying and and close the week around the levels of 10458, which was the support zone for the last week.
On 05 Mar 18, Index manages to close around 100 points down at 10358.85, broke down the last weeks’ support levels. Now support level coming out for today at 10296 to 10310 where are the low of 06 Feb 17 lying. If the index manages to break out these levels then the index can move to the levels of 10200 to 10220, where strong support levels are lying.
All over trend for the day is Negative may break out 10300 levels. Keep an eye on SGX Nifty for opening trend.
# Support – 10310
# Strong Support – 10296
# Minor Resistance – 10400
# Strong Resistance – 10450