Asian markets were lower in early trade and trends on SGX Nifty indicate a negative opening for the broader index in India.
Asian markets were lower in early trade and trends on SGX Nifty indicate a negative opening for the broader index in India. Nifty futures were trading around 11,040-level on the Singaporean Exchange. Wall Street also stumbled as bond yields rise, health stocks fall
Indian market saw profit booking after rising for 5 out of 6 trading sessions ahead of the big event, ‘Budget 2018’. The index formed a Bearish Belt Hold kind of pattern on the daily candlestick charts which suggest caution for traders.
In Tuesday’s price action, Nifty50 opened at 11,120.85 and rose marginally to 11,121.10. The bears took control of D-Street in morning trade and pushed the index below its 5-days exponential moving average (DEMA). The Nifty slipped to an intraday low of 11,033 before it closing 80 points lower at 11,049.65.
According to Pivot charts, the key support level is placed at 11,015.37, followed by 10,981.03. If the index starts to move higher, key resistance levels to watch out are 11,102.57 and 11,155.43.
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