Top buy or sell trading ideas by experts for March 16, 2018, which can give up to 18 percent return
Going forward, Nifty has an immediate support near 10285 and if it sustains below this level will lead to a further correction towards 10210 and 10141 levels respectively.
The bears had an upper hand in Thursday’s trading session as they were successful in pushing the Nifty50 below its key short-term moving averages. The index closed 50 points lower at 10,360.
After defending the 200-DMA last week, the bulls showed some resilience and rebounded sharply during the initial part of the week.
However, the up move got restricted near its daily 45-EMA and we saw quick profit booking during the mid-part.
The daily 9, as well as 45 days exponential moving averages on price, is negative; hence, the immediate trend looks negative.
However, on a medium-term basis as long as the index is trading above 10033 which coincides with the weekly swing low and the weekly 45-EMA the overall trend is still up.
Going forward, Nifty has an immediate support near 10285 and if it sustains below this level will lead to a further correction towards 10210 and 10141 levels respectively.
On the other side, 10478 will act an immediate hurdle above which the index likely to rally towards 10630.
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