Nifty extends downward move marginally as it closes below 11500, just a tad below its 100 Days SMA which is placed at 11506. This is technically seen as a weaker indication while we believe there are a lot of negative cues that are affecting the market sentiments. The sell-off which was seen in the last few days was seen exhausting in the last trading session while at present another selling pressure is seen in Nifty on any minor recovery.
The global trade tensions between US-China is now seen growing between India and the US. While the US has been in centerstage for almost year now; the tariffs India has put on the US is now seen no longer acceptable to the POTUS. This has caused tension in sentiments and seems we are now going in for a long process of India US Trade war. In this kind of environment, we cannot be seeing decisive mode in the market while at the same time this will further shake the breadth. FII’s have been net sellers for a while amid growing tensions.
We believe Nifty should stay in a range of 11400 – 11600 for now and short term trend favour the bears for now.
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