Market Strategies - May 14, 2019 - Market to focus on fresh triggers

"As the war of words and tariffs escalated between the US and China, markets tanked sharply towards the end with Nifty plunging to 11148, losing 131 points. Nifty decisively violated the gap range of 11227-11178 to end at the lowest level in the last 8 weeks. The steep losses over last 8 days amid heavy selling across the board has wiped off over 50% of the gains Nifty had seen during rally from 10585-11856. Bank Nifty retraced 50% of the gains seen during that time. With a series of black candles and inability to even cross 11300 indicates underlying weakness. As the voting in India enter final phase and the market now strongly focusing on election outcome for fresh triggers, Nifty is likely to extend its move further down south till then and test the support of 11100 levels which is not only a breakout level but also a point from where the lower trend channel line passes through." - Mr Abhinav Gupta, President, Capital Markets, Share India Securities Ltd.

Source : Equity Bulls

Keywords