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Weekly Note on Market By Mr. Apurva Sheth, Head of Market Perspectives, Samco Securities.

Technical Outlook:

Technically, Nifty has formed lower top lower bottom on the daily chart, which is a bearish sign for the short term. Index on the daily chart has closed below its 9 & 21 – day exponential moving average and RSI on the other hand has drifted below 50 levels with bearish crossover.

Previous week on the weekly chart Nifty50 formed bearish dark cloud cover candle stick pattern at all time high levels and index continued to drift lower post that.
India VIX, witnessed a bounce of more than 20 percent in a week indicating some uncertainty creeping at higher levels.  On the technical ground, the support for the Index is placed near 18100 and any move below the same will extend the fall till 17900 levels. Similarly on the higher side 18500 will be the immediate resistance and followed by 18650 levels.

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