The index is in the grip of bears totally. Today’s selling further re asserted the same. In the coming sessions if this selling continues Nifty may test 10060, 9940 and 9810 levels. A move above 10290 may halt this correction temporarily. The weekly targets still intact.

Weekly Analysis:

Nifty – The RSI has fallen down below the 50 levels on the weekly charts. This is quite bearish signal for the index as a whole. The moves were accompanied with volumes.

A sharp move to 9740 levels is expected on the trend line support (marked with a blue circle), the RSI time cycle rests on 31st March, this further indicates that this target may be achieved before 31st March 2018 itself. As long as 10400 is protected there is a very dim chance for buyers to succeed.

Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA

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