Daily

Daily Market Update Report 31-03-2020


Nifty opened lower traded with negative bias throughout the day to close in red. On the daily chart, we are observing two consecutive trading sessions which were unable to close above 8672 (23% Fibonacci level). This suggests weakness. In coming trading session if Nifty trades below 8244 then it may test 8150 – 8050 levels. On the upside, 8450 – 8662 may act as resistance for the day.

We maintain our stance that the trend remains down hence at higher levels we may witness selling pressure. Hence cautiously positive approach should be adopted at current level.

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