A day before, in my post for 6th December, I had said clearly that inflationary pressures, weak economic outlook and and consumption woes will not let markets move up. Least did I know that the fall would be so severe. It demolished all strong, or so called strong, supports on Nifty's (and Banknifty's too) charts and triggered stop-losses. Nifty closed below 20 DEMA in a decisive way and managed to stay just above 11900. There was no negative news, no macro-economic negative trigger, nothing. In fact, Dow Jones last night closed 337 (1.22%) points up. Yet, I cannot say with confidence that our markets will take cue and rally on Monday. Unlikely! The downtrend , I feel, has started.
FIIs again were net sellers (868 Crs) on Monday and DIIs were Net buyers (211 Crs). Final figures for Thursday revealed that FIIs were net sellers in Index and stock futures but net buyers in equity segment. FIIs net net are selling!
Option chain data shows that Nifty is likely to remain between 11900 and 12000. However, I will put bracket for tomorrow at 11850 to 12000 since Nifty is weak and it's CMP is just 21 points above 11900.
Daily chart show that Nifty finished as a strong red candle, closing below 20 DEMA.Next lower support is at 11883 and if it breaks that then next support is straight at 11800. A selling area was created due to sustained fall on friday which is marked on 15 min chart. Short with stop loss and RR of 1:2. If Nifty sustains above 12000 for long, exit trade. There is no sense buying nifty.
All the best. Happy trading.
FIIs again were net sellers (868 Crs) on Monday and DIIs were Net buyers (211 Crs). Final figures for Thursday revealed that FIIs were net sellers in Index and stock futures but net buyers in equity segment. FIIs net net are selling!
Option chain data shows that Nifty is likely to remain between 11900 and 12000. However, I will put bracket for tomorrow at 11850 to 12000 since Nifty is weak and it's CMP is just 21 points above 11900.
Daily chart show that Nifty finished as a strong red candle, closing below 20 DEMA.Next lower support is at 11883 and if it breaks that then next support is straight at 11800. A selling area was created due to sustained fall on friday which is marked on 15 min chart. Short with stop loss and RR of 1:2. If Nifty sustains above 12000 for long, exit trade. There is no sense buying nifty.
All the best. Happy trading.