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.
Nifty has a strong support around 9650 levels on weekly charts .Trading next week ,its likely that we can oscillate around this levels for the intra-week sessions .This is the 1st Bull market correction hence expected to be sharp.
Traders can nitiate light positions in Nifty between 9620 - 9650 levels.
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 "Shell Company" & and Geopolitical tension were the key ingredients for the bloodshed this week.
Nifty has a strong support around 9650 levels on weekly charts .Trading next week ,its likely that we can oscillate around this levels for the intra-week sessions .This is the 1st Bull market correction hence expected to be sharp.
Traders can nitiate light positions in Nifty between 9620 - 9650 levels.
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