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      Daily Market Outlook for 20 March

      Rex Cano / Mumbai, Mar 20, 2015 08:27 AM IST

        Daily Market Outlook for 20 March

        The market cracked heavily in late trades on the back of aggressive selling pressure in banking and select index heavyweights like Reliance Industries and ITC.

        Banking shares in particular were a cropper, as they led the rally in morning deals, and were also the chief draggers at the end of the day.

        The Sensex rallied past the weekly R-2 (29,940) to give a fresh buy signal, but by ending below its weekly closing has neutralised the impact.

        As per the weekly Fibonacci charts, the BSE index may now drop towards 28,170-odd levels, which is the weekly S-1 (support).

        As per the daily Fibonacci charts, the Sensex on Friday, is likely to seek support around 28,255-28,185-28,120, while on the upside may face resistance around 28,685-28,755-28,820.

        The NSE Nifty has ended below the 50-DMA (Daily Moving Average) for the second time in the last five trading sessions.

        The Nifty has some crucial support around the lower-end of the Bollinger Band on the daily charts at 8,560-odd level, below the doors for a steeper fall towards the 200-DMA at 8,150-odd level may open.

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) is negative. The ADX (Average Directional Index) has also given a negative divergence. The  14-day RSI (Relative Strength Index) is in neutral mode, while the Stochastic Slow is marginally positive.

        On Friday, the NSE Nifty may seek support around 8,570-8,545-8,530, while face resistance around 8,700-8,720-8,740.

        The Bank Nifty may seek support around 18,570-18,495-18,420, while on the other hand face resistance around 19,055-19,130-19,205.

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

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