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A volatile week came to an end but one factor which will weigh on the trading community is that the Nifty is now trading below its crucial short-term moving averages. It closed below its 100-day exponential moving average (DEMA) which was placed around 10,405.
The Nifty50 fell from an intraday high of 10,478 recorded on March 13 to close the week at 10,195, down 0.3 percent for the week. The index closed below is short-term moving averages on the weekly charts as well which does not augur well for the bulls.
The index which started the week on a high note consolidated throughout the week and closed with a big bear candle on Friday. The heavy sell-off on Friday resulted in a decent cut from weekly highs to conclude proceedings below the 10,200 mark, on the weekly basis, for the first time after December 01, 2017.
Traders are advised to stay cautious as the possibility of Nifty slipping its crucial support level of 10,000 looks higher. In the event of a fresh sell-off in the coming week in the wake of US Fed policy, strong support is placed around 10,141 levels which was recorded on March 7, suggest experts
The weekly time frame charts turned negative recently and are clearly proving their significance. Now, traders would keep a close eye on recent swing low of 10,141 as a slide be-low this crucial junction would reinforce the selling pressure in the market,”
Considering the volume activity in this price action, the stock is still not done with its upward move. Hence, we recommend buying the stock for a target of Rs.855, and traders are advised to follow a strict stop loss placed below Rs.782.
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