Below are Views On The market might fall more due to weak global clues By Mr. Rahul Sharma, Co-Founder, Equity99.
The market today made a downside move but made some recovery towards the end. Sensex was down 410 points while Nifty50 was down 107 points. Nifty Energy was the top gainer followed by PSU Banks & Metals. The banking index was down 226 points, PNB was the top gainer among the banking pack. The nifty Midcap index was down 201 points. Among the Nifty50 pack, Power Grid Corp was the top gainer followed by Coal India & NTPC while Bharti Airtel, Tech Mahindra & Bajaj Finance were top losers.
The market might fall more due to weak global clues. Investors are advised to keep SL to their positions at this level. Sector in Focus – Banks, Metals, Automobiles.
Nifty today showed us big swings within the day and in the second half of market session the dip was extended to 17714 levels which have taken support from the lower levels as recovery for the same was very much fast in pace, as it is expiry week the volatility will surely go on the heavier side but the sign of recovery gives us a signal that bulls will not easily give up but the profit booking is taking place on the higher side of the index, The red candle formed today on daily charts has closed at 17748 which is very much close to support levels, now going ahead 17700 will act as immediate support followed by 17625 -17550 levels & on the higher side 17825 – 17850- 17950 will act as hurdles for Nifty.
Bank Nifty which was outperforming the index was much stable on the selloff as the recovery from the lows of 37315 speedily took place, showing greater strength than Nifty altogether, the support for Nifty Bank is placed at 37650 followed by 37500 -37350 levels & on the Higher side the 38200 followed 38350 will act as hurdles.
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