Short term bullishness in the market finally gives in to bear pressure. Markets saw bears coming back in greater strength, top line order collapsed with huge volumes. The Industry groups which took the market up like the Plastics, Civil Construction, Computer software training etc., were the one’s which have taken it down too.
Jain Irrigation, Unitech, JP Associates, Everonn etc,. The stocks that showed immense strength on their daily up moves are the one’s that have taken the leadership on the down side too. Most of the stocks in this list did not have any good patterns or strength towards bullishness. Same had reason like a pattern formation in reaching the value zone like in Unitech and JPASSOCIAT. While Jain Irrigation is caught in a yo-yo, it has gone into a broad sideways range.
India King’s has lost 2.35% compared to 1.60% losses in the countries major indices. This clearly indicates the undercurrent of the market. The leaders of our market have definitely changed direction. Nifty turned to short trade on the hourly charts having a high risk. There are possibilities for the Nifty to reach beyond the previous lows registered in the earlier down move.
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