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Nifty started lower and remained
volatile throughout the day. A negative outlook and weaker demand put pressure
on all global markets, with most indices falling on Thursday. Tokyo, Shanghai
and Hong Kong closed lower with the Chinese market still grappling with Covid
spikes. Inflation remains a problem for Europe. Indian indices traded mostly in
flat to negative territory on Thursday but fell sharply towards the end to
finish 0.36% lower. Negative global cues and inflation concerns kept investors
on their toes. At the close, the Sensex recovered slightly from daily lows to
settle 230 points lower at 61751, while the Nifty slipped 65 points to 18344.
Previously, the benchmarks opened flat with a bearish bias chasing weak Asian
peers as US markets closed in the red earlier in the day. With the earnings season ending, markets are looking
for new triggers to guide them, while US Fed members' comments offer no clear
indication of a change in stance from the Fed on the magnitude of rate hikes at
the upcoming rate-meeting determine. Global markets have recently rallied on
expectations that the Fed might scale back its aggressive rate hike schedule in
response to the slowing US inflation stats, but the euphoria was tempered by
better US retail sales in October and aggressive comments from Fed officials
nullified. The domestic market moved in tandem with the trend and as the
domestic market became more expensive, FIIs were considered cautious. On a
closing basis, the Nifty bulls managed to hold the crucial 18325 support. The
daily chart's RSI (14) has entered a bearish correction. Going forward, a drop
below 18300 -18250 could trigger a correction towards 18200-18000. On the other hand,
resistance is visible at 18400.
Resistance: 18350, 18450, 18550
Support: 18250, 18150, 18050
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