It was a quite day and we could see nifty holding 5100 zone but there no reason to think that would be the final low. The chart is telling us that it could find some support close to the next fibonacci zone close to 5050. The expiry season would give a little comfort to nifty in the coming days but the stocks are breaking down the support zones especially the weaker banking stocks like SBI and YES bank. On the upside 5170 would be a major hurdle to cross and i could not see enough premium in nifty to cross that level. We could see a negative close in the volatility index too making things more difficult for bulls as options premiums have become so cheap. Stocks like Voltas , Pantaloon, YES bank are expected to trade with a downward bias (below the previous low) , HCL tech and ACC are expected to trade with positive bias (above the previous high). Turnover data is showing some selling happening in the equity market from the institutional traders and retail participation has become very less during these days. The trading range can be 5050-5170
No comments:
Post a Comment