Market View: Week Starting 26th FEB 2018

Filed in Market Update by on February 26, 2018


Week Market View: Week Starting 26th FEB 2018
View Last week the NIFTY closed at 10491 registering a gain of 0.37% over previous week. There was buying happening across different sectors with Pharmaceuticals and Metals leading the race. Strong global cues aided the up move further. The only worry being the United states imposing heavy sanctions on North Korea, weak macroeconomic data and widening trade deficit. Technically speaking we just get a sense that the correction we saw in February is coming to an end and that’s because of a dragonfly doji candlestick pattern that we see on the weekly NIFTY chart. This pattern generally signals a trend reversal. However for a trend reversal to happen, the NIFTY should keep itself above 10560. If that happens we should see NIFTY at 10800 again. This week would be dominated by some IPO listings, a new IPO and earnings of companies like TVS, RAIN etc. Let’s see how things shape up. The week is a short one and a bullish bias should prevail. All the best!

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