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Yet another day of sell off before heading to the Union Budget: Angel Broking

Friday’s terrible day was followed by a flat start despite Asian peers indicating a positive start for the new trading week.  However soon index resumed its corrective mode and thereafter, continued its southward move to sneak below key support levels. Some respite was seen during the last hour of the trade but eventually index closed convincingly below the 10700 mark.
Last two days have not been good for our markets as we had a pause to the recent optimism. Index wise, there is no major damage done; but if look at some of the individual stocks, they have certainly taken a brutal knock. Now, with today’s correction, Nifty has negated the recent ‘Bullish diamond’ pattern and in the process, went on to slide marginally below the ‘Upward Sloping trend Line’ level of10675. For the day, the low made on January 04, provided some support for the index and hence, going ahead, it would be crucial to see how things pan out around it. A sustainable breach below this level would reinforce the selling pressure to test sub-10600 levels. On the flip side, If Nifty manages to stay beyond 10695, we may see some bounce back move towards 10740 – 10780 levels.
At this juncture, a prudent strategy would be to stay light on positions and avoid taking undue risks due to the volatile nature of individual stocks.”

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