Markets take a U-turn after hitting fresh all time highs

View on Market Performance - Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

Nifty Broke the 8 sessions winning streak by falling 0.85% to close at 19331.80. Both Nifty and Bank Nifty breached 5 days EMA support in today's session.

Nifty Midcap 100 and Nifty Small cap 100 Index corrected along with the Benchmark Indices today where fell by 0.81% and 0.44%. Advancing shares outnumbered the declining shares where advance decline ratio stood at 0.77 on BSE, lowest since 23-June.

NSE Cash market volumes were higher as compared to last ten-day average. Amongst the sectoral Indices, Nifty FMCG, Reality and Private bank fell the most while Nifty Media, PSU Banks and Auto gained the most.

FMCG shares witnessed selling pressure for two trading sessions. Consumer durable stocks witnessed buying demand for fourth consecutive.

In the foreign exchange market, the rupee edged lower against the dollar.

Going forward 19500 has become strong resistance for Nifty and unless that is taken out, traders should remain cautious. Support for the Nifty is seen at 18900-19000 band. Bank Nifty ended the week with bearish "Shooting star" candlestick pattern on the weekly chart, which is a short-term bearish trend reversal pattern.

Source : Equity Bulls

Keywords

Markets Nifty Sensex HDFCSecurities