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BY A STAFF REPORTER:
This week was a Truncated week – after yesterday’s one day Holiday today market will open with an expectation of Big gap down specially below 16500 <5EMA> & 16430<9 EMA> near around 16350/60 as a continuation of last day’s fall which was started from 16701 after Gap up opening at 16691 crossing crucial barrier 16666 but failed to sustain above 16700.
After consolidation phase break out above 16360 Nifty gave us almost 350/400 points rally in last 4 consecutive sessions with Higher Top & Higher Bottom formation in Daily candlestick chat pattern but last 5th day though opening was higher but printed a lower closing – low 16535 & settled at 16568, day to day basis down was 46 points.
Profit booking was very likely and this normal caution was informed several times through our previous reports as indicators were highly overbought – so some cooling was required & that was stipulated by strong negative Global cues amid concerns the Federal Reserve could begin to rein in its massive monetary stimulus though Investors are now awaiting the Fed's annual research conference in Jackson Hole, Wyoming, next week for any cues on the central bank's next steps. Global economic slowdown & Geo-political pressure in Afghanistan also key issues.
Technically, Nifty formed a dark cloud cover pattern/ bearish belt hold candle on the daily chart, which is a bearish reversal candle formation after forming bullish candles for four consecutive sessions. Wednesday here the main Draggers of the market were banking and metal stocks.
On the downside :-
Today after another fall 16384/360 to be acted as important levels to watch out for.
Below 16430 & specially below 16384/360 the Bear fall can move towards initially 16333-16277 & as extension major to be at around 16225.
On the Upside:-
Intraday basis after Gap down opening < if occurs as expectation > then pull back resistance at around 16430 & 16500/530.
Bulls strength will resume if only stays above 16610/630 for a move back to 16666 & 16700/730.