It was a troublesome day for the Indian markets as both Nifty and Bank Nifty corrected by more than 1% on Friday. Infra, banking, metals were the sectors affecting the market.
Adani Ports, HUL, HDFC, ICICI Bank and GAIL were losers while Asian Paints, ITC and Tata Motors are gainers in the Sensex.
The Nifty ended below 7850, down 85.50 points or 1 percent while the Sensex slipped 300.65 points or 1 percent at 25489.57.
Bank Nifty also shed down 206 points and closed at 16716.
Market is again to the levels where it is at support and a break below will follow more correction and a rise can bring in the bulls back.
Due to the choppy trend of Indian we avoided any calls of Friday and we will be booking profit in man of our calls for our prestigious clients.
Now it could be a continuation of the negative trend of Friday as Global markets have shown weakness and S&P also seemed to have broken a pattern suggesting negativeness in the market.
Now what next??
Nifty Future has a major support at 7780 now, a break of this support on closing basis would also be meaning a breaking of head and shoulder pattern, which means that negative trend will follow for some next days. So a break of 7780 could test 7690---7650.
7650 act as major support and if breaks 7650 and close below that mark will take to 7300---7200 mark again, so Monday could be a crucial day.
7650 act as major support and if breaks 7650 and close below that mark will take to 7300---7200 mark again, so Monday could be a crucial day.
Resistance is at 7940 and fresh bullish rally will only be expected only above this level.
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Today's Top Pick
Ambuja Cement (Cash)... Below 216.90. Sell it. We will see panic till 212---209 mark. Hurdle at 220.
More will be update soon only on our Android App!!
