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Wednesday, January 2, 2019

Nifty forms bearish candle, closes below 10,800; 10,777 crucial for bulls


The Nifty50 fell sharply on Wednesday after buying in last few sessions and closed tad below 10,800 levels following weakness in global peers and on profit booking.
All sectoral indices as well as broader markets caught in bear trap. Metal fell 3.4 percent on concerns of a slowdown in China and Auto lost 3 percent amid weak December sales while the Nifty Midcap and Smallcap indices dropped 1 percent each.
The weakness is likely to continue which could take the Nifty near 10,500 levels again, if the index trades below 10,923 levels, experts said.
The Nifty50 after opening lower at 10,868.85 followed by rangebound trade extended losses in afternoon and hit an intraday low of 10,735.05. The index managed to show some recovery from day's low but still ended sharply lower by 117.60 points at 10,792.50 and formed bearish candle on the daily charts
Source: https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bearish-candle-closes-below-10800-10777-crucial-for-bulls-3347531.html

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1 comment:

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