Nifty faces immediate hurdle near 10,350, says ICICIdirect
ET Bureau|
Updated: Mar 10, 2018, 11.57 AM IST
Mumbai: Retail brokerage ICICIdirect expects the benchmark Nifty index to face hurdle near 10,350.
Nifty fell 2.4 per cent in the week that ended on Friday. It was the lowest weekly closing since the first week of December.
"The market breadth has remained weak throughout the week. Despite a recovery of almost 100 points on Thursday, a negative breadth clearly suggested prevailing scepticism in the market. Thus, selling pressure may continue at higher levels in the coming sessions. We believe levels near 10350 will pose an immediate hurdle for the Nifty. Till these levels are not taken out, any major recovery seems unlikely," said ICICIdirect.
Nifty ended down 15.80 points or 0.15 per cent at 10,226.85 on Friday.
Nifty fell 2.4 per cent in the week that ended on Friday. It was the lowest weekly closing since the first week of December.
"The market breadth has remained weak throughout the week. Despite a recovery of almost 100 points on Thursday, a negative breadth clearly suggested prevailing scepticism in the market. Thus, selling pressure may continue at higher levels in the coming sessions. We believe levels near 10350 will pose an immediate hurdle for the Nifty. Till these levels are not taken out, any major recovery seems unlikely," said ICICIdirect.
Nifty ended down 15.80 points or 0.15 per cent at 10,226.85 on Friday.
