Nifty gave a loss of 82 odd points on the board ,The market breadth stood strongly in the favor of the bears with 401 advances and 1057 declines.Bears are firming their grip over the markets.The global economic and political uncertainties are fueling the bears ,moreover markets are facing a disappointing GDP,adding to the current woes.
Technically markets are looking bearish ,as said yesterday look for the 4720 and 4535 as the near term targets of nifty,but the targets wont be attained in a straight line fall.These levels will be approached as a series of events ,which may also include some technical bounce,entering fresh shorts at such rise will lend us good opportunity.
Markets are trading below their short term averages of 20 and 40 DMA.The MACD indicator is trading with a negative crossover below zero line,while the Stochastics has reversed from the overbought zone apparently at the same time markets also reversed facing resistance.The momentum indicator RSI is approaching the over sold region.The weekly chart is amplifying the bearishness of the markets .The 4620 levels is a major support level reflected in the weekly chart.As this levels is in between the above mention target,sequential violation of these levels would add more weight to my analysis.
Keeping the current view in mind,markets will trade lower in coming days, hence money is gained on the short side ,and i still maintain my view of "SELL ON RISE".
Technically markets are looking bearish ,as said yesterday look for the 4720 and 4535 as the near term targets of nifty,but the targets wont be attained in a straight line fall.These levels will be approached as a series of events ,which may also include some technical bounce,entering fresh shorts at such rise will lend us good opportunity.
Markets are trading below their short term averages of 20 and 40 DMA.The MACD indicator is trading with a negative crossover below zero line,while the Stochastics has reversed from the overbought zone apparently at the same time markets also reversed facing resistance.The momentum indicator RSI is approaching the over sold region.The weekly chart is amplifying the bearishness of the markets .The 4620 levels is a major support level reflected in the weekly chart.As this levels is in between the above mention target,sequential violation of these levels would add more weight to my analysis.
Keeping the current view in mind,markets will trade lower in coming days, hence money is gained on the short side ,and i still maintain my view of "SELL ON RISE".
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