Markets developed wider cracks on Tuesday with Nifty closing below 18034 after intense battle with bulls and Bank Nifty surrendered below the 50 DMA on closing basis. The strength in market has certainly vanished after yesterday’s down move and once MSCI India ETF closes 1% further lower, it could turn out to be the final nail in the coffin before start of a sizeable and extended downtrend in...
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Markets ended on a flat note even after Nifty’s initial efforts to surpass 18200 while breadth remained negative with major pressure seen from the metal index. For Nifty, the crucial support is seen at 18034 below which, markets are expected to see major unwinding. Currently, MSCI India ETF has also thrown up diamond top pattern which has led to range bound activity and a breakdown is placed...
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Market for the week ended with gains of around 1% after sharp rebound on Friday which forced Nifty to close above 18,034 which is a crucial resistance levels. After Friday’s up move, the support line of expanding wedge is now placed at 17,945 and should be seen as a key breakdown levels for the coming days. On the other hand, with formation of weekly hammer pattern, the upside resistance for...
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Benchmark indices declined for a third straight day today as rising inflation in the US seems to have worried the Street. The Nifty broke below key support of expanding wedge which was placed at 17895 on closing basis and Bank Nifty testing its 50 DMA. The volumes shrunk in yesterday session with Non Institutional volumes crashing down to 36000 crore from avg 55000 crore due to continuous FII...
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Market activity remained range bound on Wednesday after initial gap down opening below 18034 but late rebound in non-financial stocks forced Nifty to settle above 18000 levels but could not close above 18034 mark. Below 18034, Nifty is most likely to attempt the lower end of expanding wedge which is placed at 17895 and below which we may see a lower range towards 16500. On the international...