The second consecutive week of loss as global markets negative cues and Earnings season weighs on investors. Nifty ended lowest in this financial year on the first day of November series. A nifty closed tad above 10000 Mark at 10040, also a few points away from its crucial 52 week low placed at 9951.
#Nifty was under pressure since the start of the week as the opening day for the week saw the formation of a bearish engulfing pattern. Post follow up move was seen in favor of bears as multiple factors aided to the fall. The global markets saw a sharp decline with S&P plummeting below 2700 mark while DJIA was trading below 25K, also below its 20 SMA, a short-term measure to know the trend of the market. Starting on a weak note, Nifty followed the global cues in Midweek and saw selling pressure just ahead and on expiry with rollovers pointing to a volatile November and a bearish sentiment.
Earnings season weighed further as higher provisions by Yes bank took a toll on share price and saw a sharp cut of 8% while ITC with a decent set of numbers was hammered down. Expectations from ICICI bank was another flavor for the street while post Yes bank numbers and negative sentiments kept range in check for the stock.
A bearish marubozu is seen forming which is a bearish formation while the indication of the candle further shows a the bearishness in the broader indices. Open and High were almost similar while the close was near to the week's low, and near a Financial year low dampens any positive and bright hope bulls.
For more information and best STOCK TIPS Call us ✆ – 0731-6642300 or Visit http://www.epicresearch.co
Connect with our social media sites
Follow @Epic_Research
No comments:
Post a Comment