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:   
|
|
|
|
|
|
|
|

Markets in sell on rise mode

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 BSE benchmark index had managed to close at a fresh three-month high at 17,618 on Tuesday.

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.

image

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 ...

Recommended for you

Advertisements

Quick Links

Market News

Stocks included in MSCI India Index in focus; UPL, Bharti Infratel surges over 5%

Bharti Infratel, Container Corp, Lupin, Eicher Motors, Bharat Forge, Marico, Shree Cement and UPL were up 1%-6% each on the NSE.

Markets trim gains; Bharti Airtel up 3%, ONGC dips 2%

At 13:35, the Sensex was trading higher by 159 points at the 27,666 mark and the Nifty gained 59 points at 8,378

Speciality Restaurants dips on weak Q4 results

The stock dipped 8% to Rs 159 on the BSE.

Rupa & Company hits new high; zooms over 90% in six days

The stock hit a new high of Rs 437, and has zoomed by 93% in the past six trading sessions on the NSE from Rs 226 on May 21.

Ador Welding surges over 10% on fund buying

On May 28, Sundaram Mutual Fund purchased 170,000 equity shares of Ador Welding at Rs 209.50 per share.

 

Back to Top