#NIFTY View on the 10th of November.

Yesterday we saw that the overall market showed signs of strength whereas the index exhibited signs of weakness persisting.  We did expect that the overall market strength would reflect on the index as well. Today we did see strength coming back to the index. We saw a below average spread bar with above average volume closing on upper side albeit the gain was meager.  The overall market data shows some strange behavior today. The advances were only 649 compared to 925 declines. However the gains were more than the losses and the buy volume was much more than the sell volume. (See table). Anyways the week ended with sign of strength coming back into the market. Ideally we should see the market making an attempt to take out 10400.

#NIFTY View on the 9th of November.

Today we saw the index open higher and later lose all the gains. The index did enter negative territory and later recovered a little to close in the positive territory.  Looking at the index we see that the selling pressure was greater than the buying pressure. However if we look at the overall market the buying pressure was greater than the selling pressure. The overall gain made in the market was greater than the losses. (Refer Table). Here the picture presented by the index is indeed different from that of the overall market. The overall market shows signs of strength returning and we should see more upside soon. This strength should also reflect on the Index as well.

#NIFTY View on the 8th of November.

Yesterday we did anticipate that the weakness would continue. We saw an above average spread Bar with above average volume down Bar closing near the low on the NIFTY. The above average volume adds credibility to the weakness.  We again look at the chart of the overall market Buying and selling pressure. The Selling volume for the overall market has been nearly four times the buy volume. (Refer the table). The weakness is likely to continue. 

#NIFTY Outlook for the 7th of November.

The market had been moving up steadily in the recent past. Today we saw a marked weakness creeping in. We saw a widespread down bar on higher volume.  If we plot a composite buying and selling pressure for the whole market instead of just the index, it would provide a much better picture. As indicated in the attached chart the market has been moving up steadily but the buying pressure had been stagnant which is a sign of weakness. The weakness manifested today. The higher volume adds more credibility to the weakness. Tomorrow’s move is very crucial as it would substantiate or negate the weakness. The probability of the weakness continuing is more.  More on the market buying and selling pressure in a later post .