Market Outlook of 22nd Mar, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Nifty is trading very choppy and narrow; the index may find short term support around 10100.
Nifty opened gap up and negated its formation of lower highs – lower lows of the lat 4 trading session. Index remained volatile and bears are putting pressure at higher levels, but at the same time bulls are not loosening their grip after the recent bottom of 10049.
Now, it has to continue to hold above 10141 to move towards 10276 then 10333 while supports exists at 10050 then 10000.
Bank Nifty opened positive, but follow up buying was missing at higher levels, tough fight is going between bulls and bears.
Now, it has to surpass 24500 to get some stability and a move towards 24750 while major support exists at 24100 -24000 zones.
We can also say 24000 – 25000 is current major bank nifty band zone. Break on any side should create a major knee jerk reaction on that side only.