Published on 19/05/2017 9:25:10 AM | Source: GEPLCapital Ltd
Nervousness from global peers, makes NIFTY to cave in - GEPL
Nervousness from global peers, makes NIFTY to cave in. Looses 100 points as heavyweight fatigue sets in .…
* The NIFTY opened @ 9453.20, a GAP-DOWN by 73 points over Wednesday on the back of nervousness emitting from the global peers. The first hour saw some respite, as NIFTY moved up a bit till 9490 but was unable to hold onto it. A full RED day, the NIFTY caved in the end to close almost at day’s LOWS @ 9429.45 DOWN by 96.30 points or 1.01%.
* The broader markets UNDERPERFORMED the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 2.27% to close @ 18030.25; the NIFTY SML100 FREE closed DOWN by around 2.35% to close @ 7457.25. The broader breakdown was pretty eminent in the breadth index that clearly stood with the BEARS @ 391 advances to 1345 declines. The INDIA VIX shot through the roof UP by around 12.45% to close @ 11.96.
* The sectoral & thematic indices except for the NIFTY IT traded in the RED. The NIFTY REALTY & NIFTY METALS faced the brunt as each of them moved DOWN close to 3%.
* The first cracks in the chunk of the BULLS armor seem visible. It would be worthwhile to see if the BEARS take it to logical conclusion of a DOWNMOVE till at least 9370-9290, in the current leg. Heavyweights like ICICIBANK, HDFCBANK amply supported by the IT PACK seem to hold back the real slide. The probability still remains OPEN for the NIFTY to move towards the pattern targets of 9670, subject to 9370 holding FORT. However, the heavyweights are once again getting into the churn with profit booking emerging in them in a rotational fashion. For the coming sessions, only a break below 9290 may bring in the DOWN-TREND in the short term, that may see index correction towards 9180/9075 levels . Till then it will be more of a stock specific move favoring the LARGE CAPS.
To Read Complete Report & Disclaimer Click Here
For More GEPLCapital Ltd Disclaimer www.geplcapital.com/Disclaimer.aspx & SEBI Registration number is INH000000081
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer