Aditya Agarwala Senior Technical Analyst, YES Securities
It was a bloodbath in the Indian stock markets on the last trading day of the week when the Nifty-50 index ended with a massive 4% cut. Furthermore, the relentless selling by the bears following a bearish opening in GAP pushed the Nifty-50 index below its recent support zone of 14,630 indicating weakness; even though the selling stopped at the 50-DMA at 14,440 which is also the GAP support area. A sustained trade below this support of 14,440 will extend the corrections to 14,330-14,300 levels. The RSI technical indicator also declined from the bear territory above 60 confirming the bearish sentiments prevailing at the moment. However, on the flip side a trade above 14,650 will trigger a short hedging rally bringing the Index back to 14,800 levels.
Share recommendation DLF Futures
Sell @ CMP Rs 303 Target: Rs 284 Stop Loss: Rs 313
The stock is on the verge of a breakout from a trendline support placed at 300 levels, a breakdown from this support on healthy volumes will trigger a sharp reversal of the downward trend. Furthermore, the title formed a lower accusatory weakness. The RSI refused from the upper end bear of 60 …
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