Published on 14/11/2017 9:47:43 AM | Source: GEPLCapital Ltd
NIFTY BEARS step on the pedal Markets dips below immediate SUPPORT @ 10240 - GEPL
NIFTY BEARS step on the pedal. Markets dips below immediate SUPPORT @ 10240, as heavyweights wilt under pressure.…
* The NIFTY opened @ 10322, a flattish open of just a point over last Friday. Although the opening seemed strong, the overhang of last Friday (the better part of it) was to haunt the BULLS. The last half an hour of that Friday proved only to be a MIRAGE and after hitting the 10335 levels, the NIFTY drifted lower to 10250. The last hour saw the BEARS stepping on the pedal as NIFTY closed near the day’s LOWS, DOWN by 96.80 points or 0.94% to close @ 10224.95.
* The broader indices, although moved DOWN, outperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed marginally DOWN by 0.47% to close @ 19483.45; the NIFTY SML100 FREE closed DOWN by 0.68% to close @ 8501.45. The broader move stood clearly in favor of the BEARS, with 741 advances to 1041 declines. The INDIA VIX, moved UP by around 3% further to close the 13.89 mark.
* The sectoral & thematic indices largely traded in the RED, with the only exception being NIFTY IT. On the BEAR side NIFTY MEATALS & NIFTY INFRA were the breakdown candidates.
* The NIFTY has now convincingly closed below the earlier week’s LOW and also created fresh LOWS, that puts the earlier week’s bounce backs in the limbo. The NIFTY has once again tested the targets at the 10240-10270 SUPPORT zone, the BULLISH gap the market left last to last week. This may in turn open the gates further DOWN to 10120-10140, even extending it DOWN to 10050. On the contrary, the ENGULFING BEAR candles of last few days may fizzle out only if NIFTY trades above the 10420-10450 mark convincingly. Till proven otherwise, it’s still advantage BEARS in the short term.
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