Market closed lower on Thursday, failing to hold earlier gains. Broader domestic markets also ended lower, with the Indian VIX down 3.8%. European stocks fell, US futures slid and oil soared to its highest level since 2008. The Indian market started trading fairly higher today, following firm global market signals after a day of huge sell-offs, but indices soon trimmed opening gains and were modestly higher Markets remained volatile and settled with a decline of over half a percent, continuing the prevailing trend. Firm global markets started an uptrend in early trading, but it didn't last long, gradually slipping lower throughout the day. Consequently, Nifty closed around the daily low and settled at 16498 down 0.65%. On the sector front, a mixed trend was observed with Energy, IT and Metals enjoying decent traction while Auto, Banking and FMCG traded lackluster.
However, as FIIs are relentless sellers, another correction
cannot be ruled out. Investors could start nibbling on quality stocks that have
corrected disproportionately. The Nifty50 formed an undecided doji candle on
the daily chart on Wednesday. the 50-pack index to find support in the 16450-16400
range while seeing resistance near the 16650 level. If the index sustains above
the 16475 level, the sideways consolidation should continue with a positive
bias.
Resistance: 16800, 16900, 17000
Support: 16700,
16600, 16500
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