2nd week of consolidation nearing completion, today's market closes with good volume strength near the bottom of the prevailing range. There are possibilities of 5400 getting breached shortly. Technology and Financial sectors gave the weakest closing today. The leaders of this Sector are showing more weakness.
SBIN, a leader of the Financial Sector plunges below 4% on very high volumes.There is more to be seen in this stock on the bear side. Once 2560 is breached look for 2400 to hold support for this stock. There are high probability short trades possible in this stock on the intra day charts. Please add the stock to your watch list if you are trading intra day.
INFOSYSTCH, is yet another stock for the top losing sector today which went down with high volumes. This stock will retrace a super strong bullish divergence on the daily charts with a close near 3000.
Top volume and value stocks in the NSE are undergoing wide distribution with many new entrants. This is disturbing too, as the new entrants just come and news and disappear in the following sessions. By such movements the regular equillibrium is disturbed.
Among the Industry groups we find that the Jewellery industry has been holding the top 10 position on 50 day price relative strength as well as for 5 days. Leather products industry group follows second, while it shows a slight decline in strength.
Nifty is undergoing distribution pattern with tight range and whipsaw trades setting strong hold now, where as the Bank Nifty gains bear strength against Nifty. Our leaders index, India King's has gone more tight with the least losses booked among its peers. Reliance continued to lead the Index for the second day, but the bullish strength on the stock seems to be subsiding with increased volumes but price struggling to breach yesterday's highs.
FnO expiry session coupled with a big even risk of annual Budget in the coming sessions, market is likely to be highly volatile. Traders on the lower time frames need more vigilant watch, while position traders would need to tighten their stops in case of any adverse scenarios affecting the markets due to news flows.
SBIN, a leader of the Financial Sector plunges below 4% on very high volumes.There is more to be seen in this stock on the bear side. Once 2560 is breached look for 2400 to hold support for this stock. There are high probability short trades possible in this stock on the intra day charts. Please add the stock to your watch list if you are trading intra day.
INFOSYSTCH, is yet another stock for the top losing sector today which went down with high volumes. This stock will retrace a super strong bullish divergence on the daily charts with a close near 3000.
Top volume and value stocks in the NSE are undergoing wide distribution with many new entrants. This is disturbing too, as the new entrants just come and news and disappear in the following sessions. By such movements the regular equillibrium is disturbed.
Among the Industry groups we find that the Jewellery industry has been holding the top 10 position on 50 day price relative strength as well as for 5 days. Leather products industry group follows second, while it shows a slight decline in strength.
Nifty is undergoing distribution pattern with tight range and whipsaw trades setting strong hold now, where as the Bank Nifty gains bear strength against Nifty. Our leaders index, India King's has gone more tight with the least losses booked among its peers. Reliance continued to lead the Index for the second day, but the bullish strength on the stock seems to be subsiding with increased volumes but price struggling to breach yesterday's highs.
FnO expiry session coupled with a big even risk of annual Budget in the coming sessions, market is likely to be highly volatile. Traders on the lower time frames need more vigilant watch, while position traders would need to tighten their stops in case of any adverse scenarios affecting the markets due to news flows.
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