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Sensex, Nifty snap 6-day gaining streak; IT stocks soar

Shares have closed lower, amid caution ahead of RBI’s monetary policy committee meeting outcome on Wednesday. Uncertainty over US-China trade truce has also weighed on indices.

Additionally, rise in crude oil prices as well as some negative moves on the rupee impacted the market too.

Among sectors, weakness was visible among automobiles, banks, consumption and infrastructure names, while IT and pharma index ended in the green. The Nifty Midcap index was lower by around one-third of a percent.

At the close of market hours, the Sensex closed down 106.69 points or 0.29% at 36134.31, while the Nifty was lower by 14.30 points or 0.13% at 10869.50. The market breadth is negative as 1154 shares advanced, against a decline of 1393 shares, while 143 shares were unchanged.

Source:https://www.moneycontrol.com/news/business/markets/an-evening-walk-down-dalal-street-sensex-nifty-snap-6-day-gaining-streak-it-stocks-soar-3251591.html

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Sensex down over 100 pts, Nifty hovers around 10,850; IT, pharma stocks in focus

Market Opens: Benchmark indices started the day on the flat note with Nifty is trading below 10,900.

Yes Bank, Asian Paints, HUL, Sun Pharma, M&M, NTPC, HDFC are trading higher, while Tata STeel is trading lower.

At 09:17 hrs IST, the Sensex is up 2.63 points or 0.01% at 36243.63, and the Nifty up 1.20 points or 0.01% at 10885. About 363 shares have advanced, 361 shares declined, and 45 shares are unchanged.

Rupee Opens: The Indian rupee opened marginally lower at 70.49 per dollar on Tuesday versus previous close 70. 45.

Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-down-over-100-pts-nifty-hovers-around-10850-it-pharma-stocks-in-focus-3248291.html

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Technical View: Nifty forms bearish candle amid consolidation; tread with caution

The market started off last month of the calendar year on a flat note Monday as traders maintain caution ahead of key domestic events like RBI monetary policy and state elections results.

The Nifty50 continued to consolidate for the second consecutive session after a 400-point rally, forming small bearish candle which resembles a Hanging Man king of pattern on the daily charts.

A Hanging Man is a bearish reversal candlestick pattern which is usually formed at the end of an uptrend or at the top. In a perfect 'Hanging Man' pattern either there will be a small upper shadow or no upper shadow at all, a small body and long lower shadow.

The Nifty continued to face resistance around 10,900 levels but failed to hold the same. Once it closes above the same levels, then 11,000 could be the next hurdle, experts said.

The index opened sharply higher at 10,930.70 and hit an intraday high of 10,941.20 in morning itself, but gradually erased gains in afternoon to hit day's low 10,845.35 followed by rangebound trade. It closed 7 points higher at 10,883.80.

"Nifty50 signed off the session with a Hanging Man kind of formation pointing towards indecisiveness of market participants," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

He said this kind of muted response on Indian bourses to strong global cues is clearly suggesting that Indian markets are waiting for domestic headwinds, in the form of monetary policy or state election result etc, to get cleared.

Hence, markets will continue to remain directionless for next couple of days before taking cues from the said events as short term trends are bound to get influenced by such news flows, he added.

Mazhar said technically speaking sell signals are registered on momentum oscillators of lower time frame charts suggesting caution in near term. "In next session if Nifty consistently trades below 10,840 levels for atleast one hour then on intraday basis selling pressure can be witnessed which should eventually drag down the indices towards its 200-day moving average whose value is placed around 10,746 levels."

On the upsides a strong push beyond 10,950 may take the indices towards 11,069 levels, according to him. "However, at this juncture it looks prudent for traders to adopt a neutral stance for couple of days and are advised to focus on extremely stock specific opportunities with fresh breakouts."

India VIX fell by 5.5 percent to 18.11 levels. On the options front, maximum Call open interest was seen at the 11,000 strike, followed by 10,900 and 11,100 strikes while maximum Put open interest was seen at the 10,500 strike followed by 11,000 and 10,700 strikes.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bearish-candle-amid-consolidation-tread-with-caution-3246721.html

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Nifty rose 7% in November series: Here are the ‘don'ts’ of post expiry trading

We have been discussing what to do to shape our trades for a better economic worth out of the expected moves. Today, we will discuss what not to.

Well as a monthly event for most of the underlying stocks & indices, Expiry changes a lot of equations and is capable of a momentary upsetting a well-established order. We will raise caveats four possible distortions in the aftermath of an expiry day.

The Nifty50 rose 7 percent in the November series, the biggest gain in a derivative series in over two years.

Expiry of futures and options (F&O) contracts do have implications of 2 sets of participants. One being the directional participants who would be evaluating whether or not their view would carry forward and others being the non-directional set of participants who would be evaluating certain price equations between instruments quoted for the next expiry.

Now either one of these sets would unwind their positions or carry it forward. While carry forward may not have so much of impact on the underlying, the unwinding may create a lot of noise which the underlying does not deserve.

Source:https://www.moneycontrol.com/news/business/markets/nifty-rose-7-in-november-series-here-are-the-donts-of-post-expiry-trading-3241201.html

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