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      Daily Market Outlook for 11 March

      Rex Cano / Mumbai, Mar 11, 2015 08:26 AM IST

        Daily Market Outlook for 11 March

        The markets extended losses for the fourth straight trading session on the back of aggressive profit-taking in select banking and IT shares. Energy and metal stocks too bore some of the selling pressure today.

        The Sensex dipped below its all-important monthly and quarterly Fibonacci support at 28,600-odd level in intra-day deals. The BSE index may now test the monthly S-3 (support) around 28,420-odd levels.

        On the positive front, the BSE index needs to sustain above 28,780-odd levels for a fresh up move to resume.

        As per the daily Fibonacci charts, the Sensex on Wednesday, is likely to seek support around 28,570-28,525-28,480, while on the upside may face resistance around 28,850-28,890-28,935.

        The NSE Nifty has ended below the 20-DMA (Daily Moving Average) for the second straight trading session, and may now seek support around the 50-DMA at 8,640-odd level or the lower-end of the Bollinger Band at 8,585-odd level.

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence), the 14-day RSI (Relative Strength Index) and the Stochastic Slow are in favour of the bears. The ADX (Average Directional Index), however, is marginally positive.

        On Wednesday, the NSE Nifty may seek support around 8,675-8,660-8,650, while face resistance around 8,750-8,760-8,775.

        The Bank Nifty may seek support around 18,920-18,875-18,835, while on the other hand face resistance around 19,190-19,230-19,275.

        Disclaimer: The author has no financial interest in any of the financial instruments mentioned above.

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