INSUBCONTINENT EXCLUSIVE:
Talk of a Santa rally in the market went up in smoke in just a few hours on Friday! It was a freaky Friday on Dalal Street, as equity
benchmarks plunged nearly 2 per cent following weak global cues
Before closing 197 points, or 1.81 per cent, down at 10,754, Nifty hit an intraday low and high of 10,738 and 10,963, respectively
The index opened at 10,754 against the previous close of 10,738.
During the process, the index formed a large bearish candle on daily chart
as it eroded all the gains that it had made through the week
The index slipped around half a per cent for the week ended December 21
Milan Vaishnav, Technical Analyst, Gemstone Equity Research and Advisory, said the emergence of the big black body remains significant as
it appeared near the pattern resistance of a minor double top and the 100 DMA, which stood at 10,932.
Mazhar Mohammad of ChartviewIndia said
Nifty signed off the session with a large bearish candle
near its 200-DMA, which stood at 10,766, and price action against this level will be very important to watch out for in the coming days
Arun Kumar, Market Strategist, Reliance Securities, said Nifty50 broke its long-term average of 10,767 with ease
Derivatives Technical Analyst, Motilal Oswal Financial Services.
