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Nifty trading below 200 DMA. Selling pressure to continue further.

Nifty first broken down 11300 and then 200 dma at 11268. Now today its trading below 11200 spot level. All these factors indicating that at macro level economy growth is slowing down and may take some quarters time to revival.
Next crucial supports for bulls are at 11175 and 11100.
Banking related stocks likely to face more selling pressure from current levels. As far as possible, reduce long exposure. Traders can initiate fresh short sell positions on bounces.
Regards,
Suryadev Bandari
Research Analyst


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 After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions.  As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700.  Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst