MARKET COMMENT Mustafa Nadeem, CEO, Epic Research Indecisiveness, Bank Nifty expiry along with negative global cues saw Nifty drift below 10,800 and lose marginal points to make a 'Bearish belt hold' pattern. A bearish belt hold is a one candle bearish formation which has a Shaven head; The high and Open for the day is identical while the close is just a tad higher from the days low. A shaven head indicates the selling pressure on the upside which persists as it was heavy since the open of the day. A close near to the day low indicates the further bearish sentiment. It has been the sixth consecutive day where we have seen Nifty trading between the range of 10850. It was bank Nifty weekly expiry that called in writers to take advantage. We expect the market to remain positive while the time may further test the patience of bulls. We maintain the 'buy on a dip' strategy though all eyes will be on the OPEC meet and price of crude oil.
The indices ended lower on Thursday led by a fall in the shares of public sector banks and metal stocks amid lack of any strong developments in domestic and global markets. The S&P BSE Sensex ended at 35,432, down 115 points while the broader Nifty50 index settled at 10,741, down 31 points. Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Syndicate Bank, Union Bank of India and Punjab National Bank. Click here to check how metal stocks traded today Shares of Bank of Maharashtra hit a record low of Rs ...
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