- FIIs created bullish positions in the derivative segment which, they created 5,051 long contracts in the Index Futures while simultaneously reducing 6,737 short contracts.
- Positive progress on China-US trade talks in Washington may boost sentiments.
- Oil has rallied 23% this year with OPEC and allies cutting output.
- Crude oil price and rupee vs USD, both of which are unfavorable for the economy currently.
- NIFTY is trending down for 8 days or in other words, it daily closing at a lower price than previous day’s close.
- Nifty is now struggling on Tuesday; Nifty looked like a positive session after seven days of losses but, witnessed selling pressure during closing hours, marking the count of losses to nine days.
- Nifty50 registered its biggest losing streak since 2015 as it dropped for the eight consecutive days in a row, but managed to close a shade above 10,600 levels.
- The last time when Nifty50 fell consecutive for 8 straight days was back in March 2015 when the index was trading around 8,600 levels.
- This came in even as local mutual fund flows get stronger & markets heavily oversold.
- Foreign investors continue to sell keeping in mind the geopolitics & the risk of retaliation by India against Pakistan.
- Nifty likely to face resistance at 10720 and support at 10580.
- 50 days SMA: 10818
- 150 days SMA: 10909
- 200 days SMA: 10860
Nifty Chart Formations: Candlestick and Patterns
Candlestick: Inverter Hammer
- Nifty formed Inverted hammer on daily scale this shows evidence that the bulls are stepping in, but the selling is still going on.
Patterns: Ending Diagonal Pattern
- Nifty index breached lower end of the multi week Ending Diagonal pattern on closing basis
- Losing momentum to the downside, when prices finally turn bullish, it can be a swift correction to the upside.
- This wave often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam.
- In all cases, they are found at the end of the higher degree motive or corrective wave.
- This wave pattern indicates the termination of the previous trend of one higher degree.
- Nifty max pain level currently at 10800
- Bank Nifty max pain level currently at 26800
- Nifty PCR at 0.92
- Nifty Bank PCR at 1.24.
- Nifty: 10600 PE and 10800 CE
- Bank Nifty: 26500 PE and 2700 CE
- FII: -813.76 CR
- DII: 1,163.85 CR
F&O Stocks under Ban: 6 securities under F&O ban
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