Market trends are weak but a pullback rally cannot be blown if the Nifty manages to stay above its 20-day SMA.
Today, for the third day in a row, the Indian market was closed for sale. Inflationary concerns have weighed on the market. At the close of trading, the Sensex was down 237.44 points, or 0.41 percent, at 58,338.93. The Nifty, on the other hand, lost 54.65 points, or 0.31 percent, to close at 17,475.65.
The Sensex and Nifty are down 1.8 percent (1,108.25 points) and 1.7 percent (308.65 points), respectively, this holiday week. The market will be closed on April 14 on the occasion of Mahabir Jayanti and Ambedkar Jayanti and on April 15 due to Good Friday.
How will the market be on April 18?
Metaphorical day of LKP Securities Saying that the Nifty was very volatile throughout today’s trading session and its trend was negative throughout the day. At the lower end it even challenged the 17,400-17,450 level and failed to hold above the 17600 level. Weakness in the market is expected to continue in the future. Significant support is now seen for the Nifty at 17,400. If the Nifty goes below that, the market could face further weakness. Conversely, resistance is visible at 17,600 – 17,800 for the Nifty.
Amal Athawale of Kotak Securities That said, there is a high level of profit booking in the market. Market trends are weak but a pullback rally cannot be blown if the Nifty manages to stay above its 20-day SMA. If the Nifty manages to stay above its 20-day SMA, we can see a level of 17,700 and the Sensex 59,000 which is also their 10-day SMA. Even after that, the Nifty may rise and we can see that the Nifty is moving to 17,800-17,850 and the Sensex to 59,300-59,450.
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On the downside, support is visible for the Nifty at 17,450-17,400 and for the Sensex at 58,200-58,000. If the Sensex-Nifty goes below that, we will see levels of 17,200-17,100 and 57,300-57,000.