Published on 15/11/2017 10:17:16 AM | Source: GEPLCapital Ltd

BEARS pull down NIFTY below 10200 mark Confirmatory kick still remains elusive - GEPL

Posted in Market Outlook | #GEPLCapital Ltd #Market Outlook


Key Highlights:

BEARS pull down NIFTY below 10200 mark. Confirmatory kick still remains elusive.…

* The NIFTY opened @ 10223.40, a flattish open down just by a point over Monday. Although the opening seemed strong, the overhang of earlier 2 days was to haunt the BULLS, as NIFTY once again slipped from around the 10250 mark. The NIFTY drifted below 10200 by noon then bounced back above par before the BEARS pulled it DOWN below 10200 mark to close once again near the day’s LOWS, DOWN by 38.35 points or 0.38% to close @ 10186.60.

* The broader indices, although moved DOWN, once again outperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed marginally DOWN by 0.21% to close @ 19442.90; the NIFTY SML100 FREE closed DOWN by 0.64% to close @ 8447.35. The broader move stood clearly in favor of the BEARS, with 779 advances to 890 declines. The INDIA VIX, maintained status-quo and yet moved UP by around a percent to close at the 14.16 mark.

*  The sectoral & thematic indices largely traded in the RED, with a few exceptions. The exceptions were lead by NIFTY REALTY & NIFTY AUTO with a below half a percent rise. On the other hand, the BEAR side was lead by NIFTY INFRA & NIFTY CPSE that went down by more than a percent.

*  On the daily chart, Index with the fall of last 2 days, has closed below 20SMA which was acting as support for the whole of last week & this does not augur well for the BULLS. This is confirmation pending of the short-term bearishness. In additions, RSI has entered the bearish zone by crossing below mean levels of 50. Considering all the above evidence, we sense the correction to continue towards next support zone placed around 50DMA @10100 levels. On the flip side, supply zone now shifts lower towards 10340 – 10350 levels. Nonetheless, with rise in volatility (INDIA VIX), Traders are advised to keep positions light and to avoid undue risk.

Technical Snapshot

 


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