INSUBCONTINENT EXCLUSIVE:
The domestic equity market kicked off the week on a disappointing note, as political jitters and subdued global cues took the benchmark
Nifty down nearly 2 per cent on Monday
In the process, the index formed a falling window pattern on the chart, signalling further bearishness
As the index had bounced back from the 50-day moving average (DMA) in previous two sessions, this level was expected to offer support
In a feeble attempt to recover, Nifty halted at the 50-DMA, which acted as resistance
Though Nifty ended over 205 points down, the intraday range remained within some 40 points
The index, which opened over 185 points down, ended the day at 205.25 points or 1.92 per cent lower at 10,488
Analyst, Gemstone Equity Research and Advisory.
Though the emergence of negative technical developments can translate into more weakness in
react to the election results on Tuesday
Despite these negative developments on the charts, any favourable election outcome will negate these adverse technical signals and we will
Given the weak breadth and poor price structure, the market could fall further
Any rise could be muted around the 10,600 mark
