Market broke the 4-day winning streak and ended lower with Nifty settled below 11900 dragged by the pharma, IT and banking names.Nifty traded lackluster in a narrow range and ended lower amidst weak cues. Initially, feeble global cues were weighing on the sentiment but failed to trigger any major fall. Consequently, the Nifty index settled at 11896; down by 41 points. On the sector front, Telecom, Capital Goods and Metals were the top gainers whereas IT, Banking and Healthcare ended with losses.
Markets are currently seeing time-wise correction after a phenomenal recovery and we feel it’s healthy for the markets before the next directional move. However, traders are facing tough times due to recent consolidation in the index while stocks are witnessing volatile swings due to the prevailing earnings season and mixed global cues. We suggest limiting naked leveraged positions in such a scenario and preferring hedge positions. Investors, on the other hand, should use this phase to accumulate quality stocks on dips.More
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Resistance: 11900, 12000,
12100
Support: 11800, 11700, 11600
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