Nifty closed in red shedding 42 points ,the overall market breadth was negative with 516 advances to 984 declines.After a gap down opening, nifty lingered in a very stringent range of 5335 and 5313 till mid session .Later it cracked down,it somehow managed to close quite above the lows.This fall and bounce move is a good reflection of peak uncertainty,the volumes too were low indicating low participation
The sub 5300 closing is likely to trigger a bearish sentiment,also now nifty has shown a downshift of range where 5305 will act as a resistance and 5256 as a support in intraday going forward.Also the Reliance quarter results were yet to come out this crackdown could be expected as a presumed reaction..The quarter results came up as a disappointment,which is likely to cast its shadows in the next week.
Now nifty is appearing to trade in a small triangle .Considering today's session i reckon nifty to trade lower but within the range specified above,subject to no unfavorable calamities from the west.The Directional Movement indicator is intermingled among itself,also the ADX is running flat reflecting no specific trend.It is evident from these current scenarios that markets are lacking serious catalyst,needed for the further strong move
This week was slightly better as we closed higher.We need to watch the markets closely for the next week as markets may have to show some big impending moves.Traders need to be cautious ,as it is not yet the time to conclude anything. We should offer markets some leeway as where it wants to trend,till then we may bagging intraday moves seems apt
The sub 5300 closing is likely to trigger a bearish sentiment,also now nifty has shown a downshift of range where 5305 will act as a resistance and 5256 as a support in intraday going forward.Also the Reliance quarter results were yet to come out this crackdown could be expected as a presumed reaction..The quarter results came up as a disappointment,which is likely to cast its shadows in the next week.
Now nifty is appearing to trade in a small triangle .Considering today's session i reckon nifty to trade lower but within the range specified above,subject to no unfavorable calamities from the west.The Directional Movement indicator is intermingled among itself,also the ADX is running flat reflecting no specific trend.It is evident from these current scenarios that markets are lacking serious catalyst,needed for the further strong move
This week was slightly better as we closed higher.We need to watch the markets closely for the next week as markets may have to show some big impending moves.Traders need to be cautious ,as it is not yet the time to conclude anything. We should offer markets some leeway as where it wants to trend,till then we may bagging intraday moves seems apt
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