Market Outlook of 8th Mar, 2018.

Decline continued in Nifty and Bank nifty; Nifty closed below 10200;

A decline of 1000 points (9%) from life time high in 37 days.

Nifty closed at 10154; narrow range of 102 points, less than yesterday range.

The index declined close to 4 percent in the last 6 trading sessions.

Weak global cues due to concerns over an escalating trade war and the widening probe in banks led the fall in the domestic market.

Nifty will soon test the 10100 levels as there is multiple support zone and market in the weak territory.

Pull back and relief rally are the part of correction in bull market.

Major support are 10100 – 10070 – 9950.

Major resistance 10300 – 10430 – 10630.

Bank Nifty fall near about 221 points and closed at 24161. Bank Nifty looks still weak and still goes more downside.

Major support levels are 23980 – 23800 – 23620 and resistance at 24500 – 24800 – 25000.

* This material is for information purposes only and should not be constructed as an offer or solicitation of an offer to buy or sell any securities.

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