Market indices were not having a good start of the week. Sensex tanks
over 1000 points to close at 28440 &
Nifty gone below 8300-mark to close the day at 8281. bears ran riot with
coronavirus cases rising in India and abroad, taking lives and forcing
businesses to shut down. Along with that a ceaseless dumping of stocks by the
foreign investors is also weighing on investor sentiments.
The Nifty closed the day below 8300 and formed a bearish candle on daily chart, as the closing was lower than the opening value. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 8000–7800 zone. For the time being, strength in the index shall not be expected unless it closes above 8500 levels. Traders should avoid long positions and look for some signs of stability around 8700 whereas existing shorts should be squared off if the Nifty fails to close below 8000 in the next trading session.
The Nifty closed the day below 8300 and formed a bearish candle on daily chart, as the closing was lower than the opening value. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 8000–7800 zone. For the time being, strength in the index shall not be expected unless it closes above 8500 levels. Traders should avoid long positions and look for some signs of stability around 8700 whereas existing shorts should be squared off if the Nifty fails to close below 8000 in the next trading session.
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Resistance: 8500, 9000
Support: 8000, 7500
Will the market go down from here .
ReplyDeletemarket is trading below 8500 mark since last few days as far as nifty will not cross the hurdle of 8700-9000 downfall will continue.
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