NIFTY again met with further weakness towards last hours of trading session today; there is a volume surge by 10% in the NIFTY stocks today. There is a likely continuation of bear move in the next session and as we are going into a long weekend, there is bound to be subdued performance tomorrow.
NIFTY is likely to test nearest support levels of 5215-5185 levels. Hourly charts show slight weakness on the bearish front, but, there is a clear chance to break today's low. An uptick on the MACD Histogram after the lower close will signal buy on NIFTY.
A sure shot winning trade with small profits. As of now, charts show clear resistance at 5370 levels.
TECHNOLOGY is leading the bearishness in the market. While Computer software Training Industry showed some recovery, Computer Software Industry gained further weakness with an above 1% fall on the Index.
As heavy weights are rolling down in the Computer Software Industry group, they have pulled down the whole Sector. Along with the Sector, Computer Software Industry leads the Value drain on the NIFTY Index too.
With many Industries and Sectors already retracing bearish divergence on most of the indicators, the present correction would change of those Industry & Sector groups to bearish trend. With one day left for this week's trading, it is unlikely that there can be a big pull back to change the scenario.
Watch stocks that had renewed interest on the bullish side for the past few days that have given back more value in the past 2 days to identify the weaker one to short.
SUNDARAM FASTENERS stock got filled long today, but has closed weak, while holding above stop loss. RALLIS, has gained today, keeping bullish momentum in a falling market is in itself an indicator that this stock is a target candidate.
TELECOMMUNICATIONS Sector, has closed positive today, Telecom Services stocks are holding range on the bullish side, look for opportunities to buy into BHARTI and IDEA at appropriate levels.
No comments:
Post a Comment