Just like Nifty , Bank Nifty is also in a downtrend, the only difference being that Bank Nifty is weaker.
Bank Nifty has also made a Lower High Lower Low pattern. If it continues its downtrend , we should see a continuation of this pattern with 26100-26200 levels being witnessed soon. It may find some strong support at its 200 Day EMA which is also around 26100.
NSE:ASIANPAINT might have taken a Trend Line Support yesterday placed around 1285 and also may have taken a support at its 150 Day EMA at 1290.
There may be an upmove on the cards till the time it manages to stay above 1280.
Nestle recently hit an all time high of 11700 on 31st August 2018. It has fallen almost 15% from its all time high and now is at its 100 Day EMA.
Expect Nestle to take some support at around 10000 which is its 100 Day EMA and should also provide some bounce from here.
The NSE:NIFTY Index is currently witnessing a sell off on the back of weak Global Cues.
The low on 5th September 2018 was 11393.85 and coincidently the high on 1st August 2018 was 11390.55 . We witnessed a pullback of sorts after 5th September, when the Nifty took this level as a possible short term support and hit a high of 11603 yesterday. Today, there was a ...
The Pharma Sector has shown signs of picking up in the previous few months and isn't expected to stop anytime soon. Pharma Sector along with the IT Sector are the sectors that continue to show strength and limit the downside in NIFTY 50 despite negative global cues.
I remain long in NSE:DRREDDY for the Targets of 2770 and 2900 with SL to be placed around 2545.