Daily

Daily Market Update Report 23-03-2020


Nifty opened on a flat note but witnessed upside momentum during the day to close in green. On the daily chart we are observing that prices have taken support at the lower trendline of the channel (shown above in the graph) and formed a bull candle. In coming trading session if Nifty trades above 8890 level then it is likely to test 9000 – 9200 levels in couple of days. On the downside, 8650 – 8600 - 8550 levels may act as support for the day.

Since the fall is sharp Nifty is trying to make a pull-back attempt. However we are of the opinion that the trend remains down and pull-back rallies are likely to face selling pressure. Hence, one needs to adopt cautious approach in this pull-back rally.

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