Market View: 2-6 APR 2018

Filed in Market Update by on April 1, 2018

 

Week Market View: 2-6 APR 2018
View Last week the NIFTY closed at 10113.70 registering a gain of 1.16% over previous week. The week recorded a positive weekly close since the weekend of 26th JAN which is a positive sign. During the last financial year 2017-18, the Sensex rallied 10% overall keeping the bull rally intact. However the March series was not a promising one as the NIFTY future ended on a loss making note. The FII’s have been net sellers the whole of March and so the bears are still in control of the markets. Technically on the charts the NIFTY is still weak and the bulls are still on the back-foot. The NIFTY will have to break its first resistance level of 10200 and then 10350 for the bulls to really take charge. Till then the bearish sentiments will prevail. 10,000 will act as a very good support. If 10,000 level is taken off then NIFTY could hit 9800. This week the NIFTY would take clues from the auto sales numbers and outcome of the RBI monetary policy meeting. We expect no change in the rates from RBI. Also the long term capital gains(LTCG) tax will come into affect from this week. So there will be some noise and anxiety this week as well. This week too the NIFTY is likely to consolidate with a bearish bias. We should keep a low profile and stay away from the markets this week as well. Lets wait for a clear signal from the NIFTY. All the best!

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