INSUBCONTINENT EXCLUSIVE:
Weakness continued to persist in the domestic equity market for most of the past week
On Friday, the Nifty opened deep in the red and drifted further to end the day with deep cuts despite some modest recovery from the low
be important for Nifty to not only defend the 10,180-10,250 zone, but also move past the 10,400 mark to defend the support that it has
for subsequent sessions.
On Monday, the 10,350 and 10,435 levels are likely to act as immediate resistance for Nifty, while supports should
come in at 10,250 and 10,180 levels.
On Monday, the 10,350 and 10,435 levels are likely to act as immediate resistance for Nifty.The RSI on
the daily chart stood at 34.3387 and it remained neutral showing no divergence against the price
The daily MACD remains bearish as it traded below its signal line
A falling window has emerged on the candles
opening and market trajectory from there on would be crucial
The 10,180 and 10,250 levels will be extremely critical to watch out for in the event of any weakness
The Nifty will have to keep its head above these levels to avoid further weakness from creeping in
It failed to confirm this base around the current supports and for it to do that, it is necessary that it crawls back above 10,400 and
sustains there.
We recommend a cautious view on the market, but at the same time, advise traders to refrain from aggressive short positions
as long as the Nifty50 defends the 10,180 and 10,200 levels.
STOCKS TO WATCH: Resilient behaviour is expected from stocks like Pidilite
Industries, ICICI Lombard, UPL, DLF, Mahindra Lifespace, Voltas, Trent, Hindustan Zinc, Gujarat Pipavav, Essel Propack, Whirlpool
Industries, Page Industries and Linde India.
(Milan Vaishnav, CMT, MSTA is Consultant Technical Analyst at Gemstone Equity Research
Advisory Services, Vadodara
He can be reached at milan.vaishnav@equityresearch.asia)
