Nifty closed at 5190 with negligible gains.The markets opened in green in line with the global cues,later in the afternoon it wobbles leading to an intraday low,the markets responded to spain being downgraded.,but markets did came off the lows soon.The overall market breadth was negative with 586 advances to 885 declines.Although markets receded lows but failed to close above 5200 giving another instance of rising uncertainty
The markets are trading below their short term DMA levels from past few days indicating short term bearishness.The nifty has also formed a doji pattern on the daily charts reflecting growing uncertainty amongst market participants.The markets seems to be gradually loosing off steam day by day.We are now goin through the earnings season, from which we expect a positive king of news flow.Many companys of various sectors are in a process of declaring their quarter performances ,the weighted side is expected to lead the markets .Also the growing crude oil prices is adding more to the concern.
Last days of this week cooled off quite indecisively,but we may expect some small rallies responding to some kind of news flow,but these rallies needed to be sold,as markets are progressively bearish..here we need to be more cautious ,since markets itself is indicating indecisiveness about the trend.
Adding more, the indicators and oscillators are still favoring the bears.Hence we need to be patient .Intraday movement can be cashed on ,but try not to take anything home.One more interesting fact ,last week opening and current week closing bear same level i.e. 5190.6
The markets are trading below their short term DMA levels from past few days indicating short term bearishness.The nifty has also formed a doji pattern on the daily charts reflecting growing uncertainty amongst market participants.The markets seems to be gradually loosing off steam day by day.We are now goin through the earnings season, from which we expect a positive king of news flow.Many companys of various sectors are in a process of declaring their quarter performances ,the weighted side is expected to lead the markets .Also the growing crude oil prices is adding more to the concern.
Last days of this week cooled off quite indecisively,but we may expect some small rallies responding to some kind of news flow,but these rallies needed to be sold,as markets are progressively bearish..here we need to be more cautious ,since markets itself is indicating indecisiveness about the trend.
Adding more, the indicators and oscillators are still favoring the bears.Hence we need to be patient .Intraday movement can be cashed on ,but try not to take anything home.One more interesting fact ,last week opening and current week closing bear same level i.e. 5190.6
Comments
Post a Comment