Nifty closes below its 20 Days SMA after almost 5 months as negative global cues, scaling Global trade war tensions with India- US Stand off and post budget profit booking dens the Indian equity market for second consecutive week. This is first close below 20 Day SMA which was being held for almost more than last 5 months. Nifty was consolidating around 20 day SMA from Q3 to Q4 of FY18.
International cues have been putting a dent to Indian equity market despite global Index such as SPX hitting historical high and touching the 3K mark, Indian equity market is in a corrective mode.
Though, on Daily scale, we have seen 100 Days SMA providing some support around 11500 levels but the breadth has been very muted with key sectors such as Auto and Metal trading below 200 days SMA on weekly scale. While only Pvt Banks, Energy continue to move up with only select stocks in an overall uptrend. RSI has been diverging from last few weeks while the correction was very much expected. Profit booking further intensified the downswing.
Fundamentally there are important data that will be eyes such as WPI Inflation along with Food and Fuel inflation.
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