Market Outlook of 19th Mar, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Choppy markets create confusion;all sectoral indices closed in red.
Global cues continue to emit mixed response bringing the choppy week to end in a flat closing.
Despite the best intentions to head higher the higher levels attracted supplies thus inducing large scale volatility.
The steady pressure emerging at higher levels have thus lead to weakness emerging across the board.
As the sectors ended the week in red there is a widespread feat of the 10000 levels now being under threat.
Nifty has broken immediate support of 10333-10276 and slipped towards 10180.
Now, till it remains below 10276, weakness could continue towards recent swing low of 10141 then psychological 10000 while on the upside, hurdles are seen at 10276 then 10333.
Last week, VIX moved up by 6.21% to 15.22. Rise in volatility after the consolidation of last 5 sessions has given an upper hand to bears, suggesting more weakness.
Bank Nifty opened flattish and witnesses selling at the later part of the day.
If it sustains below 24500 then weakness could be seen towards 24350 then 24000 while on the upside hurdles are seen at 24750 then 25000.