Pre Opening Session Indian Stock Market for 16 Mar 23 shows Nifty buried in Negativity.
Literally, the US markets have opened the floodgates.
So to save yourself read the analysis carefully
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1) Pre Opening Session Indian Stock Market for 16 Mar 23:
- Nifty opened way higher as a gap-up but gave up all the gains.
- This is a sign of bears in full control.
- Literally Nifty is holding on to dear life.
- Yesterday the support at 16950 held the Nifty from falling further.
- Next support is at 16855 level. If this level holds then Nifty may go up.
- However please don’t buy into any up move until we close above 17353 levels.
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2) SGX Nifty Trend for Today on 16 March 2023:
Today on 16th Mar 2023 SGX Nifty is showing a 34 Point HIGHER move at around 7:25 AM when I write this article.
SGX Nifty Trend on the Live Chart denotes that the Indian Markets will react POSITIVE.
So Indian markets especially Nifty Trend Today would have a POSITIVE start.
3) World Market Analysis for 16th Mar 2023:
S&P 500: 27.38 (-0.7%)
NASDAQ: 51.53 (+0.42%)
Dow Jones: 280.83 (+0.87%)
Nikkei: 331.95 (-1.22%)
US markets were slightly mixed yesterday. SGX Nifty is positive in the beginning now. Indian markets also will react slightly positively following Global cues in the pre-open.
4) Nifty Supports and Resistances:
Nifty Supports: 16955, 16855, 16771, 16747
Nifty Resistances: 16991, 17000, 17098, 17132, 17353, 17259, 17196, 17381, 17405, 17463, 17500, 17536, 17660, 17681, 17777
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5) Pre Opening Session Indian Stock Market Conclusion:
- It’s really a sad moment that we have to look into the negative trendlines to see if Nifty may move positively.
- Now literally the supports are very few.
- We have to find support from the previous falls.
- The Bolinger band is expanding on the lower side, meaning there is more fall.
- It’s quite possible that there may be another trigger of sporadic moves today as it is the weekly expiry.
- When the market Falls we can very easily make profits with my future trading strategies.
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All in all, today Nifty will see some POSITIVE moves in the beginning and may scale to support levels today.
Considering the trends globally and Technical Analysis Nifty Trend Today will start POSITIVE.
Happy Trading and Happy Money Making!