Market Quote 01 December 2021 By Mr. S Hariharan, Emkay Global Financial Services
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below is the market quote 01 December 2021 By Mr. S Hariharan, Head- Sales Trading, Emkay Global Financial Services
“Nifty has closed below its 100-ema for 3 consecutive sessions for the first time since Oct’20, suggesting that the structural bull market of the last 14 months has now come to a halt. Alongside, multiple major sectoral indices geared to domestic consumption – Banknifty, Nifty Auto and Nifty FMCG – have also closed near their respective 200-ema. Given oversold conditions and seasonality associated with FII flows in December, there is a likelihood of near-term bottom formation. Nevertheless, any break of averages on these major sectors would herald a fresh wave to the downside, and Nifty has next major technical support at 16,200, should that situation materialize. PSU Banks and IT sectors are relatively stronger sectors, while Metals sector is close to major trendline support and might offer entry opportunities.”
Above views are of the author and not of the website kindly read disclaimer
