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Published on 14/03/2019 5:17:07 PM | Source: KIFS Trade Capital

Market Outlook 15th March 2019 - KIFS Trade Capital

Posted in Market Outlook| #Market Outlook #KIFS Trade Capital

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Nifty

The key benchmark index almost gave a flat close and ended just moving 0.01 percent on the north to close the expiry day. If we take a look at the current chart structure the bulls managed to surpass the previous resistance level of 11200 which was the line of defense placed by the rising wedge pattern and now after the breakout on the northern side the next line of defense is placed near 11400 mark which is in the proximity of 78.6% Fibonacci retracement level of the previous bull move. If the level of 11400 is broken and the benchmark index is able to sustain above that then we may see the further escalation towards north.

 

Bank Nifty

As we mentioned in the earlier report that Bank Nifty is oscillating in an escalating channel where in it took a support near the level of 26750 and travelled towards north by outperforming the key benchmark index till the level of 29070 in today’s trading session. If we look at the current chart structure Bank Nifty has taken a channel resistance near the level of 29000 and the strength can be seen fading as the indices was up only by 39 points. If the bears are able to cross the level of 29000 and sustain above that mark then only we may see the further norther journey.

 

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