Hi All,
Once again markets proved, that "Price discounts everything"
On 12th March, Nifty rose by almost 200 points, thanks to global optimism and some short term bullish indicators (Hammer pattern) on daily charts and post markets hours, positive key Economic data surprised markets.
Adhering to a popular market analogy of "Buy the Rumour, Sell the Fact", Nifty gained marginally on the next day, and closed almost flat, thus giving a selling pressure candle on daily charts near the resistances mentioned in earlier post, which was followed by 3 consecutive wins by bears, today's massive fall of 165 being the most comprehensive of all.
After flirting with the critical resistance of 10460 on 13th March, for less than an hour (high of 10478), Nifty could not sustain higher levels and traded with the negative bias for last two days, around 1% lower than the recent high of 10478, today, bears comprehensively ruled the markets for almost the entire day, and hammered bulls by closing negative by more than 1.5%.
Going forward, the earlier mentioned supports near 10140-10070-10000 will be the next pit stop for bears, and hell might break loose, below the 10k mark as the next targets can be as scary as 9800-9600-9300....
On the higher side, a short term respite for bulls only and only if the recent high of 10478 is surpassed and sustained...
Cheers !!!
Have a great weekend....
Once again markets proved, that "Price discounts everything"
On 12th March, Nifty rose by almost 200 points, thanks to global optimism and some short term bullish indicators (Hammer pattern) on daily charts and post markets hours, positive key Economic data surprised markets.
Adhering to a popular market analogy of "Buy the Rumour, Sell the Fact", Nifty gained marginally on the next day, and closed almost flat, thus giving a selling pressure candle on daily charts near the resistances mentioned in earlier post, which was followed by 3 consecutive wins by bears, today's massive fall of 165 being the most comprehensive of all.
After flirting with the critical resistance of 10460 on 13th March, for less than an hour (high of 10478), Nifty could not sustain higher levels and traded with the negative bias for last two days, around 1% lower than the recent high of 10478, today, bears comprehensively ruled the markets for almost the entire day, and hammered bulls by closing negative by more than 1.5%.
Going forward, the earlier mentioned supports near 10140-10070-10000 will be the next pit stop for bears, and hell might break loose, below the 10k mark as the next targets can be as scary as 9800-9600-9300....
On the higher side, a short term respite for bulls only and only if the recent high of 10478 is surpassed and sustained...
Cheers !!!
Have a great weekend....
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