Stock market investment tips today and Tomorrow, intraday nifty and stocks Tips and call 1 oct 2018, Nifty Trading Tips, nifty trend tomorrow, nifty stocks, nifty tips intrans, nifty tips provider, stock market investment for beginners, intraday stock tips, intraday trading intraday stocks watch today, best stocks to buy today and tomorrow, hot stocks to buy now, picks in shares of India 1 oct 2018
---------------------------------------------------------------------------------------------------------
The market continued its southward journey for third consecutive day on Friday and closed in the red for eight out of last nine sessions. The Nifty50 attempted positive opening again but failed to hold the upside and remained lower for major part of the session on last trading day of September month, dragged by metals, IT and auto stocks.
The index closed far below 11,000 levels, forming bearish candle on the daily charts.
In fact, the month of September was like a nightmare for the market as the Nifty lost 6.4 percent, forming a long bearish candle which resembles a Bearish Engulfing pattern on the monthly charts. IL&FS-led liquidity fears in NBFC segment, rising crude oil prices and rupee volatility caused selling pressure in the market.
The Nifty50 managed to open higher above psychological 11,000 levels but wiped out all gains in first few minutes of trade. The index managed to rebound and hit an intraday high of 11,034.10 but that recovery again sold into and it a day's low of 10,850.30, which is the crucial support for next week, experts said.
The index finally closed 47 points lower at 10,930.50.
"Nifty50 continued its wild swings in both directions before signing off the session with a bearish candle which has a slightly longer lower shadow suggesting decent recovery from intraday lows," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
On monthly charts, he said it has registered a long bearish candle which resembles a Bearish Engulfing pattern. "As current sell-off from the highs of 11,760 levels in four weeks of continuous fall brought down the indices into oversold levels from where some pull back can't be ruled out going forward which should be ideally utilised to create fresh short positions as medium term trend of this market appears to be down."
He believes strength in the indices shall not be expected unless Nifty50 closes above 11,170 levels. "On the downsides once recent lows of 10,850 are decisively breached the downswing shall initially get extended towards 10,650 kind of levels," Mazhar said.
India VIX moved down by 1.24 percent to 16.71 levels. It has spiked by 9.36 percent in this week while up by 35 percent in this month. Rising volatility suggests that bears are holding the tight grip on the market, experts said, adding option band signifies a wider trading range in between 10,800 to 11,171 zones.
For Quick Trial Contact:
✆ - 09699997717✔
✆ - 0731-6626191 ✔
Mail: info@ways2capital.com
✆ Join us on WhatsApp @ 89620-00225 ✆
✆ 24/7 Customer Care 1800-3010-2007 (Toll Free)
0 comments:
Post a Comment