Pre Open Market Trading Analysis for 10 Mar 23 Shows Global Turmoil backed by global markets.
Since yesterday’s big fall, today is a continuation of Nifty’s spooky moves down.
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1) Pre Open Market Trading Analysis for 10 Mar 23:
- Now that Nifty give up all the great support, we have to find new ones.
- I have underlined three key supports that will hold the Nifty in today’s session.
- 17591 acted as a key support yesterday and today’s gap-down opening will make it a resistance.
- Now the next level of support is around 17511 level.
- Again the 20-day EMA will at as a great resistance.
- Globally markets have been spooked negatively, this will totally affect Nifty.
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2) SGX Nifty Trend for Today on 10 March 2023:
Today on 10th Mar 2023 SGX Nifty is showing a 148 Point LOWER move at around 7:42 AM when I write this article.
SGX Nifty Trend on the Live Chart denotes that the Indian Markets will react NEGATIVE.
So Indian markets especially Nifty Trend Today would have a NEGATIVE start.
3) World Market Analysis for 10th Mar 2023:
S&P 500: 73.67 (-1.85%)
NASDAQ: 219.45 (-1.8%)
Dow Jones: 543.54 (-1.66%)
Nikkei: 320.56 (-1.12%)
US markets were utterly negative yesterday. So SGX Nifty is following the US markets. Indian markets also will react negatively following Global cues in the pre-open.
4) Nifty Supports and Resistances:
Nifty Supports: 17536, 17500, 17463, 17381, 17353, 17259, 17196, 17098,
Nifty Resistances: 17660, 17681, 17777, 17801, 17939
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5) Pre Open Market Trading Analysis for 10 Mar 23 Conclusion:
- It’s now become second nature for Nifty to lose ground at the median of Bollinger Band.
- This is followed by the Global turmoil which will bring the Nifty down to the 100% Fibonacci retracement level.
- Now if 17511 support doesn’t hold we may see Nifty sleeping back to 17350 levels.
- We are way below the positive trend line now.
- The exact level of 17589 gave great support which was a previous resistance.
- Now that US markets and SGX Nifty are negative we will have a big impact on the lower side for Nifty.
- Today we may see supports being tampered with left and right.
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All in all, today Nifty will see some NEGATIVE moves in the beginning and may scale to support levels today.
Considering the trends globally and Technical Analysis Nifty Trend Today will start NEGATIVE .
Happy Trading and Happy Money Making!