Market Outlook of 23rd Mar, 2018.
GFS Wealth Creators Suggestion and View on Indices.
Narrow ranges, intraday volatility, failure to cross resistance – Nifty without direction, remains choppy.
Nifty index opened positive, but failed to surpass previous day’s high of 10227 and slipped towards 10100.
Nifty is hovering near to its 200 DMA, bur follow up buying is missing even after it recent swing support at 10050.
Now, if it crosses above 10141 zones to witness a bounce towards 10222 then 10276, while a hold below 10050 could trigger a fresh fall towards 10000 and 9950 and 9900 -9700 -9500.
In broad scenario, Market is looking weak and can touch nearby 9100. Still the market is in bull run but correction of 15-18% is not ruled out from high levels.
Bank nifty failed to hold its bounce and slipped towards 24100. Now it fails to surpass 234350 and slip below 24000, then weakness could extend towards 23800 and lower zones while on the upside, hurdles exist at 24350 then 24500.
Bank Nifty also looks very weak, PSU Banks spoil the party and fall will trigger more towards 23000 if 24000 break and close, overall market is in correction mode till new expiry starts.