Business Standard

Markets in sell on rise mode

Related News

The markets tried their best to edge higher in the early part of the trading week, but eventually fell apart following earnings disappointment from Infosys. The benchmark index had managed to close at a fresh three-month high at 17,618 on Tuesday. However, thereafter the index tumbled to a low of 17,181, down 450 points from the week’s high of 17,631. The eventually ended with a loss of 307 points at 17,214.

Among the Sensex stocks, and slumped over eight per cent each to Rs 2,228 and Rs 359, respectively. Jindal Steel and Power, Tata Steel, Tata Power Co, Bharti Airtel and Sterlite Industries were the other major losers. On the other hand, Oil and Natural Gas Corp gained two per cent at Rs 285. Gail (India) and Dr.Reddy’s were the other notable gainers.

As per the monthly Fibonacci chart, the Sensex has yet not given any indication so far. However, the momentum oscillators are not in favour of an upside, hence we could see downward pressure in the near term.

On the downside, the Sensex has near support around 17,050-odd levels, below which the index can drop to 16,780 for deeper down to 16,375. Whereas, on the upside, the Sensex is likely to face considerable resistance around 17,430-17,500.

The moved in a 130-odd points range. The index touched a high of 5,349, and a low of 5,217, before settling with a loss of 90 points at 5,227.

The NSE index has currently managed to stay afloat its short-term moving average, which is at 5,210. However, the MACD and the Stochastic Slow both are in favour of the bears on the daily charts. Hence, the index may find it difficult to sustain at higher levels.

Also, in case, of an up move the index now has multiple resistance above the 5,300-level. The Nifty is likely to face strong resistance in the range of 5,315-5,350.

The weekly charts is also showing some signs of tiring. As per the weekly charts, the index has near support around 5,170, below which the index can slide to 5,090-odd levels.

Clearly, the momentum seems to be in favour of the bears. Hence, the markets look more like a sell on rise mode.

Read more on:   
|
|
|
|
|
|
|
|

Read More

Nifty may face hurdle around 5,240

The markets moved in a fairly narrow band in the week under review. The BSE benchmark index touched a high of 17,110 and a low of 16,636 on the first ...

Quick Links

 

Market News

Russian crisis hits India's guar gum exporters hard

Cutting on imports amid Western sanctions and currency depreciation

Why Russia will not sell its gold to solve the rouble crisis

Contrary to market rumours, Russia has only been adding to its gold reserves over the past two months

At what oil price will shale revolution get derailed?

Saudi Arabia, the world's largest oil producer at 10 million barrels a day (mbd), did not yield to the pressure of cash-strapped Iran, Venezuela ...

Today's picks- 22 December 2014

Nifty, Bank Nifty, Jindal Steel, ITC & Tata Motors

Weakening yen hits prawn exports

The prices are down by about 30 per cent since October for exports of Black Tiger shrimps to Japan

Back to Top