NIFTY RUSHES down below 9800 momentarily, before closing above the mark. Closes around the predefined support of 9850 .….
* The NIFTY opened @ 9872.85, DOWN by 35 points over Wednesday. The nervousness seemed to be the order all through the day, as NIFTY showed a complete RED day. Yet NIFTY showed some character by bouncing off the next level of pre-defined SUPPORT @ 9850 that it reached within first half an hour. However the BEARS were back in tuck as the day progressed as NIFTY cracked through the 9800 mark momentarily towards the latter half of the session. The BULLS clawed back from lower levels towards the end, as NIFTY closed DOWN by 87.80 points or 0.89% @ 9820.25.
* The broader indices, as expected on a FULL RED Day, clearly underperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 3.20% to close @ 17462.85; the NIFTY SML100 FREE closed DOWN by 4.62% to close @ 7169.0. The broader move clearly tilted in favor of the BEARS with 297 advances to 1463 declines. The INDIA VIX once again moved UP by around 2.6%, to close around the 14 mark(13.80).
* Once again, almost all the sectoral & thematic indices traded in the RED, the only exceptions being NIFTY PSU BANKS & NIFTY IT, which were just able to hold onto their own. On the other side, the NIFTY PHARMA & NIFTY AUTO were beaten down BLACK & BLUE.
* The current correction we are seeing is very WELCOME, and we stand by it. The market has broken below the second level of lower pre-defined 9850 mark. The immediate support is now placed around the LOWS of the day @ 9776 levels, which if broken may further lead to price wise correction towards 9710 – 9650 levels. At this juncture based on the technical evidence, we still see sense some time wise correction; albeit on a lower scale 9650-9920 in place of 9920-10150. On the flip side only a move above the recent HIGH @ 10088 may bring back the BULLS in action.
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