It’s the final day of this session, and the Indian Indices have been headed to a downward spiral for the past week.
With bearish forces taking over and high selling pressure, the momentum has been leading to a spiral of the Indian Indices to a downward trend.
So what’s next for the market?
Let’s analyze!!
Nifty witnessed strong selling pressure. What’s next for Nifty?
Nifty FuT – Sell Around – 19600 | Stop Loss – 19700 | Target – 19500 |
Nifty started with an upward gap but faced strong selling pressure during the session.
The price broke below the 50 DMA and trendline, ending with powerful bearish candles.
This has resulted in the formation of a ‘belt-hold’ and “bearish engulfing” candlestick pattern.
Traders can expect more downside moves incoming!!
Bank Nifty encounters high selling pressure as well. Where’s the market headed?
Bank Nifty FuT – Buy Above – 44750 | Stop Loss – 44400 | Target – 45100 |
Bank Nifty opened the gap up but it encountered high selling pressure in this session.
It has formed a bearish engulfing candlestick pattern.
Traders can expect downside moves incoming!!
Trending Equity News:
There’s a lot of interesting news in the market from companies and SEBI as well. Let’s dive in and find out!!
MCX:
SEBI asks MCX to keep the implementation of a new commodity derivatives platform in a state of temporary disuse or suspension. The commodity exchange stated in a letter to the Bombay Stock Exchange that it got an email from the market regulator, Chennai Financial Markets and Accountability (CFMA), regarding the new platform. The MCX told the BSE that the CFMA’s writ petitions on the commodity derivatives platform are pending at the Madras High Court for disposition.
Dixon Technologies(India) Ltd.:
The companies have invested INR 2.0 – 2.5 billion in a new factory in Noida to make smartphones for Xiaomi India and another brand is in talks with.
TVS Supply Chain Solutions Ltd:
The supply chain solutions company has approved the proposal for the sale of a 4.5% equity stake in TVS Industrial and Logistics Parks Pvt. Ltd an associate company of the logistics company.
Emami Ltd.:
The company has entered into a definitive agreement today to acquire 26% of the shareholding of Axiom Ayurveda Pvt. Ltd on a fully diluted basis which owns the brand “Alofrut” – a proprietary fusion of aloe vera pulp with fruit blend.
That’s all folks!!
We’ll be back with more news soon. Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease