Volatility dominates the expiry week with #Nifty shredding 2.5% eroding its gains of almost last 5 weeks. The trading range which was established for last 5 weeks was seen breached with a long red candle. Nifty failed to sustain the crucial moving averages on the daily chart which were upholding the bulls sentiment. Nifty breached 20 and 50 days SMA consecutively which further indicates the bearish sentiment as no support was being held in a bulls trap.
The week started off with consolidations as Nifty struggled to breach 10400 on the upside. Despite positive cues from global markets and major global exchanges hitting fresh all-time highs Nifty was not able to breach 10400. A lot of events were expected on D street which was awaited for and same was observed with trading range as narrow as 50 points. It was basically writers play for initial days while volatility was absent. A sharp decline was seen in later half of the week with a cut of almost 200+ points despite an upbeat GDP data.
For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
You may also like:
|Sensex, Nifty rangebound; RBI’s MPC meet outcome awaited||Sensex, Nifty continue to be sluggish ahead of RBI policy; Europe mixed|