MTECHTIPS:-NIFTY
The Nifty opened flat tracking weak global cues, and the markets after a choppy early session corrected sharply on sudden selling in the markets as S&P cut growth targets for the Indian economy.The opening is expected to be flat to positive taking cues from the sideways cues from the Global peers. Nifty has broken the support at 5190 and as mentioned in the earlier report, made fresh lows of 5161 levels. Nifty failed to cross the important 5235 levels, since the market breadth was negative. Nifty has the gap down caused due to Negative island reversal intact and the descending triangle is not broken out too. Today nifty has to cross and hold levels of 5240,only then levels of 5285 and 5320 will seem to be realistic levels. If Nifty fails to stay above 5160 and breaches this level the levels of 5100 and 5060 cannot be ruled out. Volatility will be at its highest
as today is the derivatives settlement day for the April futures. India’s sovereign credit outlook was lowered to negative from stable by Standard & Poor’s, taking the nation a step closer to junk status.
The Nifty opened flat tracking weak global cues, and the markets after a choppy early session corrected sharply on sudden selling in the markets as S&P cut growth targets for the Indian economy.The opening is expected to be flat to positive taking cues from the sideways cues from the Global peers. Nifty has broken the support at 5190 and as mentioned in the earlier report, made fresh lows of 5161 levels. Nifty failed to cross the important 5235 levels, since the market breadth was negative. Nifty has the gap down caused due to Negative island reversal intact and the descending triangle is not broken out too. Today nifty has to cross and hold levels of 5240,only then levels of 5285 and 5320 will seem to be realistic levels. If Nifty fails to stay above 5160 and breaches this level the levels of 5100 and 5060 cannot be ruled out. Volatility will be at its highest
as today is the derivatives settlement day for the April futures. India’s sovereign credit outlook was lowered to negative from stable by Standard & Poor’s, taking the nation a step closer to junk status.
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