For the upcoming sessions, we believe sentiments remain gloomy though we think 4,680-4,700 could be the materialistic support at current juncture. Any drift below this level may further spoils the sentiment and we might see 4,500-4,530 level in the short term where possibility of bounce back couldn`t be rule out,`` said the broking house Mansukh. Further, the broking house said the following:
On the flip side any positive e outcome from global markets may boost the traders sentiments and we might see 5,060-5,070 level in remaining sessions of the series though any rallies could be use to exit from long positions rather creating any fresh ones.
The 30 scrip sensitive index- Sensex-on BSE after piercing through the 16,200 mark in early deals settled sub 16,000, offloading over 300 points- its lowest in 15 months. Meanwhile, the 50 share index on NSE-Nifty-tanking close to 100 points settled sub 4,800 mark- it`s lowest since 18 months.
The broader indices too went home with grave loss of over 2%. The market breadth on the BSE ended negative; advances and declining stocks were in a ratio of 740:2103 while 133 scrips remained unchanged.
The indices have closed at the lower end of the intraday range as the bulls were unable to offer support at higher levels during the session. The intraday range specified for the Nifty between the 4900 / 4700 has held as the Nifty bounced from 4720 levels, thereby validating our intraday counts. The coming session is likely to witness resistance at the 4850 levels on advances. Support is likely at the 4675 levels below which the 4650 maybe tested. The bullish pivot for the session is likely at the 4800 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 4775 levels below which declines may occur. Traders must watch these levels for signs of trend determination in the coming session.
The daily candle chart of the Nifty shows a larger bodied bearish candle, indicating the market forces found equilibrium on the downside on Friday. Being a weekend session loaded with a major news trigger (Fed announcement), the market players were expected to avoid very large bullish bets. The indices have declined for 5 weeks consecutively (5 is a Fibonacci number), indicating a probable pullback this week. Staying above the 4800 level with higher volumes and open interest will see the bulls getting a chance to come back intraday. The Nifty sustaining below the 4775 levels may trigger a fresh bout of declines.
Visit the Blog http://www.bazaaredge.com/blog
Disclaimer : This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. And not soliciting any action based upon it. The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon such. We or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report
----------------------------------------------
The message was checked by Zillya! Antivirus 1.1.2942.0, bases 2.0.0.747 - No viruses detected
No comments:
Post a Comment