Market View: 5-9 MAR 2018

Filed in Market Update by on March 5, 2018

 

Week Market View: 5-9 MAR 2018
View Last week the NIFTY closed at 10458.35 registering a loss of 0.31% over previous week. The fall could be attributed to the prevailing weak global sentiments and also the ongoing negativity on the banking fraud. In the last couple of months we have seen some heavy buying in January and massive selling in February. A BJP government in Tripura is definitely a breather for the markets but the NIFTY daily chart suggests that bearish tone will prevail in the short term. This week the NIFTY is likely to trade with a negative bias and would be volatile. The Tripura elections would lead to some profit booking too. The NIFTY is likely to consolidate in the range of 10300-10600 this week. Any weekly close below 10300 will see it testing 10,000. For NIFTY to make any upside above 10600 it will have to rely heavily on domestic flows. Stop losses are likely to trigger in these markets. We need to observe caution for this week and keep a low profile. All the best!

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