Markets succumbed to selling pressure on Friday with prices opening lower and thereafter closing at the lowest point of the day by breaching a low of 19253.60. This breach has confirmed the start of Wave (3) of impulse degree which would have a minimum target of 17,657 and can even extend to 16,463. From trading perspective, this is an ideal time for opening short positions in Nifty September...
Nifty opened with a gap up on Thursday but selling in the second half in financials stocks forced Nifty to end in the negative terrain turning the entire day into a bearish engulfing line on candlestick charts. As reversal has occurred after retracing 38.2% of the down move, it may signify end of corrective up move of Wave 2 and is likely to be followed by Wave 3 in the coming days....
Markets remained under pressure on Thursday on the back of weak global cues with the Nifty settling lower by more than 1% while broader markets and Bank Nifty outperformed by a wide margin. Thursday’s closing was well above the September series VWAP of 17524 which is a positive sign for markets and with sharp fall in Brent crude prices below USD 94 a bbl may provide a necessary booster...