Stock Picks Podcast on March 16, 2018 which can give up to 18% return

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.