Nifty witnessed a very volatile & choppy session and despite displaying an excellent recovery, closed with deep cuts. Level wise, closing below the vital 4650 levels may depict strength of the bears in the forthcoming sessions. Broader market witnessed weak sentiments, segments, like Large caps, small cap, midcap were under sellers’ grip. Owing to this, bears outnumbered the bulls with significant margin. Due to selling Nifty continued to close below its vital 9, 14, 50 & 100 day’s SMA placed at 4801, 4848, 4992 & 5051. VIX, the barometer of uncertainty, closed at a higher level of 30+ and indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 33.28 levels and MACD closed below the signal line.It was a choppy and weak session for the markets today, wherein benchmark indices started the day on gap down note, traded amidst high volatility and finally managed to closed in red but off the day’s low
• Nifty and Sensex lost their pivotal levels and witnessed an intensive selling after their negative breakouts happened in last session.
• All Sectoral indices traded with deep cuts in early session. Capital Goods and Banking stocks traded with the maximum cuts. Auto, Realty, capital Goods, Power and Consumer Durables stocks were too under constant selling pressure.
• L&T, BHEL, Sterlite Industries, Tata Steel, ICICI Bank, State Bank of India (SBI) and Maruti Suzuki India hit 52-week lows today.
• Good recovery in the Oil & gas stocks along with short covering in Auto and FMCG stocks, Nifty and Sensex recaptured pivotal 4600 and 15300 levels . Higher VIX was infusing more volatility in today’s trade.
• The markets faced immense selling pressure throughout the day but recovered significantly in the last hour of trade.
• The Sensex closed at 15379, down 112 points from its previous close, and the Nifty closed at 4613, down 38 points.
Nifty Level
Resistance 1 : 4565
Resistance 2 : 4610
Support 1 : 4527
Support 2 : 4451
Free equity & Nifty tips :
Buy GTL Ltd above 32.75, target 34.00 for 5 Days
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