Finally the most awaited support 4640 is broken inNifty and managed to close just above it. In my previous article on Nifty I mentioned to short or rise with the levels being 4640 << 4690 << 4740 << 4810 << 4860 in red. Today market respected these levels exactly as mentioned. So what is left with nifty now? Are the doors for the major downfall opened? Let us analyze.
Sensex recorded a 2 year low today after November 3rd 2009.
Nifty closes below psychological 4700 mark for the first time since 2009.
The Sensex closed at 15,491, after shedding more than 560 points from day’s high of 16,068.90. The Nifty shed 94.75 points, to end at 4,651.60. It also touched the 4800 mark at one point.
The Reserve Bank of India kept CRR unchanged at 6%, SLR at 24%, repo rate at 8.5% and reverse repo unchanged at 7.5%.
The capital goods Index fell almost 4.4% today. L&T fell almost 5.5% while BHEL 4%.
The Realty, Oil & Gas , BSE Bank, Power and Metal indices were down 2-3% .
BSE Midcap and Smallcap indices were down 1.6%.
Technically the larger downward channel is down with the lower trendline support at 4400-50 levels.
Trading Levels – 4580 << 4640 << 4690 << 4760
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