Interesting observation... The Provisional FII and FII figures show that DIIs were net buyers today where as FIIs were net sellers... This looks positive... As per y personal opinion... FIIs turn out to be smarter than FIIs...(Latest instance....Yesterday FII were net buyers and DIIs net seller and markets tanked by more than 100 points today, and many such instances...)
In connection with this data, and the fact that indices are trading near 200 daily and 40 weekly moving Averages.... It would be interesting to see the near term movement... The bias remain negative ... however we can witness a small pullback... However I still go with my original plan of action....
BE A CHAMELEON....
Hey all,
As posted in yesterday's #MarketUpdate, Nifty continued its southward journey and lost more than a % points from yesterday's close.
Sensex, has also fallen and breached a crucial mark of 33k. The level of 10k on nifty is near 32500-600 on Sensex.
Nifty, on weekly charts has broken 40 weekly Moving Average (10171) and trading nearby the 200 day moving average (10130) which is the last ray of hope for Bulls, and 10k levels will be end of the hope.
Below these moving averages, the index predicted to be travelling towards the lower targets of
10070/10030/10000 (Daily supports and psychological support zone of 10k)
9800-9600 (probable targets of the bearish pennant mentioned in earlier posts)
9400/9200 (possible target of a bearish Head and Shoulder look a like pattern on daily charts)
Cheers....
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