Finally! Some green in D-Street but the S&P BSE Sensex failed to close above Mount 33K while the Nifty50 closed above 10,100 but below its 200-DEMA placed around 10,163 on Tuesday.

After falling for five consecutive sessions, the Indian market witnessed some bit of value buying along with short coverings at lower levels. However, the way, Nifty corrected from its intraday high, shows that the pain may not be over for markets.

The S&P BSE Sensex closed 73 points higher or 0.22 percent at 32,996.76 led by gains in HDFC (up 1.3%), Infosys (up 1.3%), TCS (up 1.07%), L&T (up 1.09%), Tata Steel (up 3.1%), and Sun Pharma (up 2.2%).

The Nifty50 closed 30 points higher or 0.3 percent at 10,124, led by gains in Bharti Infratel (up 5%), Tech Mahindra (up 3.8%), Eicher Motors (up 3.4%), Tata Steel (up 3.1%), and Sun Pharma (up 2.2%).

IT stocks and HDFC led the recovery on D-Street while ICICI, HDFC Bank & RIL kept gains in check. Market breadth remains in favour of declines; advance-decline ratio at 1:2.

Among the sectors: IT, telecom, auto, power, and healthcare stocks led the decline while oil & gas, metals, banks, and PSU stocks saw some bit of selling pressure.

A mixed trend was seen in the broader market as the S&P BSE Smallcap index slipped 0.2 percent while the S&P BSE Midcap index was up 0.2 percent.

A volatile week came to an end but one factor which will weigh on the trading community is that the Nifty is now trading below its crucial short-term moving averages. It closed below its 100-day exponential moving average (DEMA) which was placed around 10,405 for the week ended March 16.

The Nifty50 fell from an intraday high of 10,478 recorded on March 13 to close the week at 10,195, down 0.3 percent for the week. The index closed below is short-term moving averages on the weekly charts as well which does not augur well for the bulls.

The index which started the week on a high note consolidated throughout the week and closed with a big bear candle on Friday.

The heavy sell-off on Friday resulted in a decent cut from weekly highs to conclude proceedings below the 10,200 mark, on the weekly basis, for the first time after December 01, 2017.

Bears ruled the D-Street for the third consecutive day in a row which pushed the Nifty below its crucial long-term moving average of 200-DEMA placed for the first time since November 2016\. The Nifty has also registered its fresh low for the year 2018 on Monday.

The main culprit which dragged down Nifty was metals, telecom, realty, smallcap, midcap, oil & gas and PSU banking stocks, as well as IT. Well, frankly speaking, everything seems to be covered in one color and that is ‘RED’.  

The Nifty50 ends below 10,100 mark after breaching 200-day exponential moving average (DEMA) placed on 10,114 as on 19 March.

The S&P BSE Sensex closed 252 points lower or 0.76 percent at 32,923 weighed down by losses in Infosys, ICICI Bank, Bharti Airtel, HDFC, RIL, SBI, and HDFC Bank.

The Nifty50 ended 100 points lower or 0.99 percent at 10,094 weighed down by losses in HCL Technologies, Tata Steel, Bharti Airtel, Tech Mahindra, and BPCL.

Broader market underperformed. The S&P BSE Smallcap index closed 1.98 percent lower while the S&P BSE Midcap index ended 1.58 percent down.

The Nifty, which started on a muted note on Thursday, failed to keep the momentum going and slipped below its crucial short-term moving averages, making a bearish candle on the charts.

The index broke below its crucial support, placed at around its 100-days exponential moving average (DEMA) of around 10410, 13-DEMA, and 5-DEMA. It opened at 10,405 and rose marginally to hit its intraday high of 10,420, before bears took control. Selling pressure took the index to its intraday low of 10,346 and it ended the session 50 points lower at 10,360.

The India VIX fell by 0.22 percent during the session to 14.33\. The IVX, which is an indicator of volatility in the market, should ideally decline below 13-13.50 for the Nifty to extend its recent rebound.

The Nifty closed at 10,360.20 on Thursday. According to Pivot charts, the key support level is placed at 10,330.93, followed by 10,301.67\. If the index starts moving upwards, key resistance levels to watch out are 10,404.73 and 10,449.27.

The bears had an upper hand in Thursday’s trading session as they were successful in pushing the Nifty50 below its key short-term moving averages. The index closed 50 points lower at 10,360\.

After defending the 200-DMA last week, the bulls showed some resilience and rebounded sharply during the initial part of the week.

However, the up move got restricted near its daily 45-EMA and we saw quick profit booking during the mid-part.

The daily 9, as well as 45 days exponential moving averages on price, is negative; hence, the immediate trend looks negative.

However, on a medium-term basis as long as the index is trading above 10033 which coincides with the weekly swing low and the weekly 45-EMA the overall trend is still up.

Going forward, Nifty has an immediate support near 10285 and if it sustains below this level will lead to a further correction towards 10210 and 10141 levels respectively.

On the other side, 10478 will act an immediate hurdle above which the index likely to rally towards 10630\.

Dominated by selloff in index heavyweights along with other weak domestic and global cues made benchmark indices trade plunge over 1 percent. The Sensex cracked over 500 points, while the Nifty ended below the 10,200 levels.

The closure of this level for the Nifty has happened for the first time in seven sessions, while the Sensex has posted the biggest one-day fall since February 6\.

There was heavy selling seen across midcaps, along with weakness in auto, FMCG, infra and metal names.

Selling pressure intensified especially after a key ally of the ruling coalition decided to exit NDA.

The NSE Nifty was down 165 points or 1.59 percent to 10,195.20\. About two shares declined for every share rising on the BSE.

Midcaps also participated in the correction, with the Nifty midcap index falling around 1 percent.

For the week, benchmark indices fell up to 0.4 percent, while a bigger fall was seen in the midcap index, down over 1 percent for the week as well.

The Nifty50 is expected to open lower on Thursday tracking weak handover from Wall Street and muted trend seen in other Asian markets. The Nifty50 closed 15.95 points lower at 10,410 on Wednesday.

Trends on SGX Nifty indicated a negative opening for the broader index in India, which fell 30 points or 0.28 percent. Nifty futures were trading around 10,400-level on the Singaporean Exchange.

US stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for US companies, Reuters reported.

Asian markets edged slightly lower on Thursday, with regional stock indexes recording slight losses after Wall Street declined amid concerns over heightened trade tensions. The Nikkei 225 eased 0.18 percent as the yen firmed. The Kospi slipped 0.12 percent, CNBC reported.

The Nifty closed with a loss of 15 points at 10,410 near its 100-day exponential moving average (DEMA) on Wednesday. But, the big takeaway was that bulls managed to narrow losses towards the close of the session.

In last five sessions, Nifty has retraced 61.8% of earlier six days fall, indicating weak pullback, and suggesting a round of a couple of day’s consolidation in a range of 10300 – 10450 levels.

The Nifty witnessed a symmetrical and V-shaped recovery in the second half. Technically, nothing has really changed from Monday onwards. Till last week, the markets seemed pretty balanced but with a slight negative bias.

“The current up-move puts the bulls at a slight advantage. However, the same needs to be taken with a pinch of salt. The markets have recovered from the 200 DMA placed at 10131, and the recovery seems to now eyeing the 100 DMA,” GEPL Capital said in a report.

“The pull-back indicates a bit of respite from oversold territory and that has to be considered with a bit of skepticism. CAUTION is the name of the game with a wait and watch, the precursor,” it said.

Dharmesh Shah – Head Technical at ICICI Direct.com Research advised buying Titan Company with a target price at Rs 1,048 per share, Godrej Properties with a target price at Rs 850 and NCC with a target price at Rs 147.

The Nifty50 which started on a muted note failed to keep the momentum going and the index slipped below its crucial short-term moving averages and made a bearish candle on Thursday.

The Nifty broke below its crucial support placed around 100-days exponential moving average (DEMA) placed around 10410, 13-DEMA, and 5-DEMA.

But, last hour buying keep the momentum favoring bulls, suggest experts. Investors who went long on the index should put a trailing stop loss below 10300.

The index which opened at 10,405 rose marginally to hit its intraday high of 10420 before bears took control. The selling pressure took the index to its intraday low of 10,346\. The index closed 50 points lower at 10,360.

The Nifty50 consolidated on Tuesday after 200-point rally seen on the first trading session of the week which was largely led by short coverings.  

Derivative data reflects that at current levels there are a lot of outstanding short position held in Nifty futures along with 10500 & 10600 call strikes.

Despite short covering rally we have not seen unwinding in 10500 calls which indicates that the bearish scenario may continue.

The range of 10,300-10,500 levels will remain crucial in the current expiry and the move is expected to remain volatile along with negative movement, as indicated by option open interest concentration.

If Nifty falls below the 10300 mark, it could correct to 10100 levels on the back of further selling.

However, on the bounce, the index will face strong resistance at 10475-10500 levels.

On the technical ground, the next support is placed around 10300- 10320 levels .