Indian
stock markets were unable to escape the depressed mood on global stock markets
and lost 0.8% on Monday. Most sector indices fell on Monday, with PSU Bank
remaining the only bright spot, gaining more than 1 percent. IT, real estate,
metals, autos and financial services indices were among the strongest
performers in today's session. Nifty started lower after a weak global signal
and stayed sideways throughout the day. On the bottom, it slipped towards the
previous swing high (18100). Benchmark indices ended negative for the third
straight day on November 21, with Nifty below 18,200. At the close, the Sensex
was down 518 points to 61,144 and the Nifty down 147 points to 18160.
The
trend looks a little weak with a rounding top formation in the intraday period.
The bearish crossover in the RSI with a negative divergence indicates weak
momentum. Going forward, 18,125-18,100 could provide immediate support, below
which the index could drop towards 17800. On the upper end, resistance is seen
at 18225 /18350.
Resistance: 17350, 17450, 17550
Support: 17250, 17150, 17050
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