NIfty review for 15 June 2020
Updated
Nifty has been in consolidation making a wedge pattern on daily charts.
VIX has increased by approx 4% suggesting that upcoming moves may be fast and furious in both directions. However, probability of market sustaining above 10400 is very low. Adding to that, the fear of second wave of Covid19, economic slowdown and deteriorating global economic conditions will add pressure to Indian markets too.
VIX has increased by approx 4% suggesting that upcoming moves may be fast and furious in both directions. However, probability of market sustaining above 10400 is very low. Adding to that, the fear of second wave of Covid19, economic slowdown and deteriorating global economic conditions will add pressure to Indian markets too.
Note
Today Nifty sustained above 10400, will need to see if any strong follow up comes at this point. Technical indicators and OI data suggest that if will be very difficult for bull to move up. Heavyweights of the index are also starting to loose momentum and may go sideways.
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