Equity Market Tips: Equity Market Weekly Outlook Research Report

NIFTY 50 10226.85 (-231.50) (-2.21%)

The Indian equity market began the week on expected lines as the benchmark index Nifty50 ended 99.50 points or 0.95% lower. The Nifty50 declined for the fourth consecutive session due to fears over global trade war amid political uncertainty in Italy on Monday. On Tuesday, The Nifty50 took its losing streak to the fifth consecutive session, breaking its decisive 10,300-630 range to confirm a downtrend. The index opened with an upward gap around the bearish gap area between 10,340 and 10,300 levels formed on March 5, before hitting a key resistance at higher levels. The Nifty50 traded with modest gains all throughout the session, but the last hour and a half saw the market rapidly paring gains, as the benchmark ended the day with a net loss of 109.60 points or 1.06%. On Wednesday, The Nifty50 extended its recent slide to the sixth session, on weak global cues. The index fell 429 points or 4.05% in six trading sessions from its close of 10583 on 26 February 2018. On Thursday, The Nifty 50 rallied for the first time after 6 days of consecutive selling. The markets witnessed an extremely volatile trading session where Indices trimmed gains in morning trade; however indices came off the day's low and traded with modest gains till afternoon trade to end in the green by the final hour of trade. The Nifty50 ended the session with a gain of 88 points, or 0.87%. On Friday, The Nifty 50 faced stiff resistance around the 10,300 level. Selling in the last one hour ensured that the index ends up near its Intraday low level, forming a bearish candle on the daily chart. The benchmark Index Nifty50 (spot) opened the week at 10428.30 made a high of 10441.35 low of 10141.55 and closed the week at 10226.85 Thus the Nifty closed the week with a losing of -231.50 points or -2.21%.

Formations

· The 20 days EMA are placed at 10424.13

· The 5 days EMA are placed at 10264.89

Future Outlook:

The Nifty daily chart trend is bullish. We advised to buy Nifty future around 10200 than target will be around 10400 Nifty upside weekly Resistance is 10550-10389 level. On the downside strong support at 10102-9988.