On Monday Nifty opened gap up but unable to sustain and closed at 7538. Up by 28 points.
Sensex too traded strong but cooled off from the day’s high as February wholesale price inflation entered the negative zone for the 16th month at -0.91%, reinforcing the deflationary pressure in the economy closing at 24804. Up by 0.31%.
Now what to expect today?
Now both Nifty and Sensex are close to its resistances and forming a double top pattern along with it there is possibility of rate hikes by FED on Wednesday.
Will the market cross the resistance level of 7630 or bring panic in the market?
Nifty future now has a strong resistance at 7630 and it’s already forming double top formation. Market can remain volatile today for the same reasons. It has a support at 7520---7430 mark. A move below 7520 will take to 7480---7430 mark. More and more panic will see only close below 7430 level.
While Bank Nifty has support at 15000---14700 and resistance at 15450. Two consecutive closes above 15450 will take to 15900---16250+ mark in days to come. Fresh selling can initiate only close below 14700 mark.
Traders can trade with levels only. More will update during market hours
Today's top pick will provide on Application during market hours
