Sunday, March 26, 2017

#NIFTY Weekend view on the 26th of March.

 When the index gaped down on the 22nd to make new low there a general impression of increasing bearishness. But we saw that the supply was of poor quality and the end of the down move would be very soon. The index moved up the next couple of sessions breaking the immediate down move. However this move also lacks conviction as indicated by the low volume.  Unless the volume picks up very soon we would be seeing sideways movement for some time to come. We did anticipate consolidation between 9220 and 9085 it looks like the range is going to wider around 9220-8990. The index is in safe territory as long as it is above 8990. The coming week could a dull one considering the expiry.


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