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NIFTY OUTLOOK by Epic Research

Nifty Forms another Doji on the daily chart as indecisiveness prevails amid volatility. A volatile session with a wider range as the Indian market was following the global negative cues to open gap Down.
The selling pressure was clearly visible across the board with sectors like Pvt banks, PSU, Media, Pharma and real estate losing as much as 2% by closing hours. 
The selling pressure spanned to Broader indices while already bleeding space such as Midcap, Small Cap, and Energy joined the wagon shredding a percent.

Technically, This is a typical noisy market in the near term and has all the characteristics of the same. Gaps, up and Down, indecisiveness, #Dojiformations. Not to mention, the day of expiry of a contract. All this was added as it was an opportunity for writers to jump in and eat the premiums. This may be in place for a while as the market tries to pull itself out for a directional play based on a change in consensus. One must understand it is not an opportunity for going long aggressively but also not on the short side as supports, very important, are just a few points away.

Nifty must close below 9950 for the continuation of the trend while any bounce from these levels will be swift and fast. We remain cautious and sidelined. A change instance will only be either on a breach of 9950 or 10200. 

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Epic Research
Epic Research - Investment Adviser is a leading financial services provider with presence in Indian and other global capital markets. Call on - 0731-664-2300