Nifty 8715 /Sensex 28353 / Bank Nifty 19790
5 Advances /46 Declines/ 0 Unchanged
Sensex, Nifty post biggest 1-day percentage loss since June 24
Benchmark indices posted their biggest one-day loss in percentage terms since June 24. Broader markets under performed with the Midcap index posting biggest one-day fall in six months.
European markets were down 1.5-2℅ on fears of Federal Reserve considering rate hike next week in a policy meeting. ITC, L&T, Tata Motors, SBI, ICICI Bank and Axis Bank were down 2-4℅ whereas IT outperformed due to weakness in INR against USD.
Nifty formed a Spinning top which suggests fall to remain continue in the market. On 13th September also Dow showed weakness after a showing some strength on the previous day .So a correction looks eminent on charts and is also fuelled by world market sell off.
In this phase we will expect maximum downside panic till 8300 mark and we are expecting reversal from that level. Overall trend still looks highly positive but it's a sharp correction which we already told that due in the market.
We avoided any long positions due to global weakness and correction in the market, once market gives us a clear direction we will be recommending trading opportunities.
Now what to expect next??
Nifty future levels
Nifty has immediate support at 8720 levels and resistance is at 8780.
On close below 8720 it will take to next support level of 8650 and then to 8620---8580.
Else a move and sustain above the level of 8780 will take to 8850----8880 mark.
Trade with levels only
More updates and Top Pick of the day we will update during market hours so keep following our blog and android app!!
