Nifty for Wednesday (16th March)

[rohans305]

Markets witnessed gap down opening in the wake of weak global cues but recovered some losses during the day to close in red. On the daily chart, the indices have tested 61.8% Fibonacci retracement levels of the previous up move and have formed a narrow body formation. At present the narrow range body formation reflects indecisiveness prevailing at current levels. Hence, if indices trade above 18,335 / 5,500 levels then they are likely to test 18,546 / 5,550. On the downside, 17,953 -17,741 / 5,376- 5,313 are the crucial support levels for the indices. Any breach of 17,741 / 5,313 would intensify the selling pressure.

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