Dear
Trader…
On the fourth day of the week, as an expected profit booking in the Indian stock market has seen a sharp decline as another spike in bond yields weighed on
the overall global market sentiment and geopolitical tensions between the US and Syria escalated and finally breaking the consolidation range on the lower side
and in BSE Sensex plunged with 600 points while the Nifty50 was down 190 points.
The Nifty future broke below crucial support level of 15232
points and Nifty formed a bearish candle on the daily charts. It has broken its
rising support trend line by connecting all the recent swing low which is a
bearish sign.
As the Nifty has broken its consolidation range on the lower
side, further fall in coming days can’t be ruled out; now, traders have to be
very cautious and careful to make more positions, the reason is that most
traders do not have the discipline of sitting on a case of a stop loss.
Corona’s transition is again spreading alarmingly in various
states of India including Maharashtra, Kerala, Gujarat, Chhattisgarh and the
slump in the Indian economy and the sharp rise in bond yields on the global
front last weekend.
Globally, China, US and Europe will keep an eye on the
manufacturing PMI. International crude oil prices and fluctuations in the value
of the US dollar against the rupee will also be monitored.
In the coming days, caution will be needed in view of the
deceptive moves being made by the fund-giants as the market continues to be
heavily biased, market will be keeping an eye on the possibility of a major
blow to the economy due to the increasing transition of Corona and the fear of
a lockdown in more states and cities in India.
Globally, China, US and Europe will keep an eye on the
manufacturing PMI. International crude oil prices and fluctuations in the value
of the US dollar against the rupee will also be monitored.
Technically, the short term trend on the Nifty future remains volatile; with a minor positive bias at 15088 and 15008 levels would be major hurdles. If the Nifty future crosses 15088 levels, it could jump to 15188 – 15202 levels. However, below 15008, the index would invite worries in the near term.
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