Skip to main content

NIFTY SHOW

In response to the railway budget markets gave a flat  to negative opening ,as this is an event full week market is looking forward for the outcome of various policies.Today the markets were already in a dampened mood waiting for the result of RBIs rate cut policy,which remain unchanged following which the market started falling like a downpour.From morning the market breadth was negative with 423 advances to 1071 declines.On closing basis nifty has closed above 5373 which is 23.60% retracement level of the previous bull move.Currently nifty is trading above the 20 , 40 and 200  DMA levels.violating these levels will open up bearish alternatives .
                               Traders are suggested to trade with a cautious view ,since the finance minister is going to spill the beans tomorrow.Until the the consequences of the upcoming news regarding budget is clear enough WAIT AND WATCH strategy would be suggested 

Comments

Post a Comment

Popular posts from this blog

DOJI - LONG LEGGED

Today Nifty  opened more than 100 points down and Sensex with more than 300 amidst weak global cues.It ended this week following a 4 day losing streak.On daily charts Nifty has formed a long legged doji with a gap down indicating enormous uncertainty for markets next week.The Breadth continued to be in favour of the bears with 700 Advances to 1011 Declines on Nifty.In early trading sessions Nifty recovered about 70 odd points wherein bears pounced with 2nd leg of selling taking Nifty back to 9700.                                 The big boy SBIN came out with a disappointing set of results for which market gave a thumbs down, SBIN  & RELIANCE tumbles 5.6%  & 2.5% respectively adding further momentum downside.Today was the last session for this week , Nifty made a long Full body bearish candle on weekly charts ,alarming for further correction on the way next week , The ...
Post a Comment
Read more