Skip to main content

NIFTY SHOW- A TUMBLEDOWN

Nifty closed in red with a downpour of 70 points.The nifty witnessed a flat opening followed by mild buying which encountered  a good resistance at  5300,but failing to cross the resistance,markets initiated a downpour.Infosys quarter results triggered the move downward which was followed by profit booking.The whole market breadth was strong negative with 543 advances to 935 declines.
                                                                                                                      This week ended in red.The nifty closed below the 20 ad 40 DMA levels but sustained the retracement  support.The market is expected to head downward to take support of the 200 DMA in coming days.On the daily chart the momentum indicator has given  a negative crossover .
                                                 We just need to wait and watch for an impending breakout.Intraday positions could 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