Market View: 17-21 SEP 2018

Filed in Market Update by on September 17, 2018

 

Week Market View: 17-21 SEP 2018
View Last week the NIFTY closed at 11515.20 registering a loss of 0.64% over previous week. After the quick falls there was a decent buying seen in the latter half of the week after the PM’s meeting with top notch officials to review the economic scenario and off course the falling rupee. That ensured that the NIFTY held onto the 11500 level also forming a hammer pattern on the weekly charts. This should allow NIFTY to trade with a positive bias for this week. 11400 will act as a good support for NIFTY at these levels and there will be resistance at 11600 levels. The F&O data suggests that support and resistance would come at 11400 and 11800 respectively for the September series. Rising crude, Falling rupee and the ongoing trade war between the US and China can drag the markets down at any point. We should have a cautious and disciplined approach on all existing positions. All the best!

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