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Bears dominated the D-Street from the word go on Thursday. The index, after breaching 10,700 in Wednesday’s trading session, failed to hold on to 10,600. It formed a long bearish candle on daily charts and the Supertrend indicator gave a sell signal, which does not augur well for bulls.
The index slipped below its crucial 50-EMA but took support at its 100-day moving average placed at 10,571. Bears have tightened their hold on D-Street, which is evident from the fact that the widely tracked Supertrend indicator gave a sell signal on the charts today.
As the name suggests, 'Supertrend' is a trend following indicator just like Moving Averages and MACD (Moving Average Convergence Divergence). It is plotted on prices and their placement indicates the current trend. The MACD also gave a Sell signal on daily charts last week.
The last time Supertrend indicator gave a sell signal the index touched a low of 10,418 before bouncing back towards 10,700 levels when it gave a buy signal.
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