GOOD MORNING!!!
MARKETS AS THEY CONTINUED THEIR DECLINE FOR THE EIGHTH STRAIGHT SESSION, THE ONLY RESPITE CAME WITH THE DECLINE BECOMING LESS SEVERE FOR THE DAY. IT WAS A RANGE-BOUND DAY OF TRADE AND SLIGHTLY VOLATILE TOO. MARKETS OPENED ON A NEGATIVE NOTE TRACKING THE FEEBLE GLOBAL CUES FROM THE REGIONAL MARKETS. MARKETS TOOK STRONG SUPPORT AROUND THE CRUCIAL SUPPORT LEVELS IN NIFTY, THE TRADE REMAINED RANGE BOUND AND SLUGGISH LACKING POSITIVE TRIGGERS, BUT IN THE LATE AFTERNOON WE HAVE SEEN SOME SUDDEN BOUNCE BACK IN THE MARKETS WITH SHORT COVERING WHICH TOOK INDICES INTO GREEN FOR A BRIEF PERIOD BUT COULDN’T WITHSTAND MUCH AS THE INVESTORS LACKED CONFIDENCE IN THE MARKETS AS THEY TOOK OFF THE PROFITS FROM THE TABLE AT HIGHER LEVELS LEADING TO AGAIN A DOWNFALL, SOME HEAVY WEIGHTS TOO LOST THEIR MOMENTUM IN THE FINAL HOURS, UNABLE TO GIVE ANY SUPPORT TO THE MARKETS WHICH GOT DRAGGED LOWER.
TODAY MARKETS WOULD OPEN NEGATIVE AND REMAIN IN A NARROW RANGE BOUND. IF NIFTY TRADES BELOW 5517 THEN LIKELY TO MAKE ITS DOWNSIDE JOURNEY TO 5477 AND ANY BREACH OF THIS LEVEL WOULD TAKE NIFTY TO 5450 LEVELS AND THEN TO 5416 LEVELS. WE ARE STILL ON THE NEGATIVE TERRAIN AND CONTINUE TO BE UNDER PRESSURE TILL SOME BUYING INTEREST IS SEEN FROM FOREIGN INSTITUTIONAL INVESTORS AS THEY ARE CONTINUOUSLY ON THE SELLING SPREE. ON THE POSITIVE SIDE AS THE BREADTH ON THE POSITIONAL AND SHORT TERM IS NEGATIVE, POSITIVE BREADTH ON THE INTRADAY BASIS IS CONSIDERED ONLY IF NIFTY TRADES ABOVE 5565 LEVELS WE CAN SEE NIFTY TO MOVE UP TO 5582 LEVELS AND THEN TO 5618 LEVELS. AVOID HOLDING LONG POSITIONS.
TODAY MARKETS WOULD OPEN NEGATIVE AND REMAIN IN A NARROW RANGE BOUND. IF NIFTY TRADES BELOW 5517 THEN LIKELY TO MAKE ITS DOWNSIDE JOURNEY TO 5477 AND ANY BREACH OF THIS LEVEL WOULD TAKE NIFTY TO 5450 LEVELS AND THEN TO 5416 LEVELS. WE ARE STILL ON THE NEGATIVE TERRAIN AND CONTINUE TO BE UNDER PRESSURE TILL SOME BUYING INTEREST IS SEEN FROM FOREIGN INSTITUTIONAL INVESTORS AS THEY ARE CONTINUOUSLY ON THE SELLING SPREE. ON THE POSITIVE SIDE AS THE BREADTH ON THE POSITIONAL AND SHORT TERM IS NEGATIVE, POSITIVE BREADTH ON THE INTRADAY BASIS IS CONSIDERED ONLY IF NIFTY TRADES ABOVE 5565 LEVELS WE CAN SEE NIFTY TO MOVE UP TO 5582 LEVELS AND THEN TO 5618 LEVELS. AVOID HOLDING LONG POSITIONS.
