Weekly charts are convincing. Nifty has broken down of the support line. Target of Descending Triangle (on daily chart) is coming. So it downside is not correction. Trend has changed. Nifty is in bear grip remaining below 200 Daily Moving Average and also below the support line on weekly chart. Below 10430, Nifty has potentiality to go down to 10000, previous low. Major Technical indicators such as RSI14, MACD and Stochastic are yet to go reach the Oversold zone on weekly chart.
OI Table: Bears are dominating at 11000. So this level is out of reach for the bulls. So bulls are running for cover towards 10500 Put strike. We shall see if this level can be saved by the bulls.
Except Metal segment, all sectoral Indices are wilting. Mutual funds industry is wiped out. Till the other day this was projected as the safest pool for investment. This is now history in just a few days of time. This has a very serious implication on investment culture. Fixed deposit does not compete with inflation rate.
Crude and USD vs. INR are traumatizing Indian market.
OI Table: Bears are dominating at 11000. So this level is out of reach for the bulls. So bulls are running for cover towards 10500 Put strike. We shall see if this level can be saved by the bulls.
Except Metal segment, all sectoral Indices are wilting. Mutual funds industry is wiped out. Till the other day this was projected as the safest pool for investment. This is now history in just a few days of time. This has a very serious implication on investment culture. Fixed deposit does not compete with inflation rate.
Crude and USD vs. INR are traumatizing Indian market.