Daily

Daily Market Update Report 20-03-2020


Nifty opened down with a gap traded with extreme choppiness to close in red. On the daily chart we are observing a spinning top candlestick pattern which gives a small clue that the prior downtrend is losing breath. At present the prices are at the lower trendline of the channel (shown above in the graph). Hence, 7832 level holds significance on daily closing bases. In coming trading session if Nifty holds 7832 then bounce upto 8400 – 8500 – 8600 levels in couple of days cannot be ruled out. On the flip side if 7832 is breached then next support for Nifty is at 7700 – 7600 levels.

We still maintain our stance that trend remains down and pull-back rallies are likely to face selling pressure. Hence, one needs to adopt cautious approach at current level.

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