NIFTY bounces from 11200! Bears in control.
Nifty - Technical Analysis:
-Nifty settled 39 points, or 0.35 percent, lower at 11,278.
-NIFTY saw selloff in the first session of the day till 11200 and bounced back from the level.
-It gapped down owing to the selloff of tech stocks in US and recovered when European markets opened in green today.
Market - Driving Factors:
-Today's session witnessed sell-off in most sectors, with banks, financials and realty as worst hit.
-However, market pared losses due to support coming from select heavyweights such as Reliance Industries, Bharti Airtel and Tata Steel.
-PSU bank stocks are among the worst hit in today's sell-off. The Nifty PSU Bank index fell over 3 percent with all components in the red. The index heavyweight SBI fell 5 percent while shares of Bank of India, Indian Bank, Canara Bank and Central Bank of India fell 3 percent each.
-Indian markets are expected to be in sync with the global markets and also react to the ongoing border tensions with China.
Nifty - Outlook for Thursday, 10th September:
NIFTY has broken the neckline of Head & shoulders pattern and also broke the support of 11250, it bounced back from 11200 to see some revival. We expect it to remain in bearish territory and can see further lower levels. The neckline will act as resistance for upward moves.
-Nifty settled 39 points, or 0.35 percent, lower at 11,278.
-NIFTY saw selloff in the first session of the day till 11200 and bounced back from the level.
-It gapped down owing to the selloff of tech stocks in US and recovered when European markets opened in green today.
Market - Driving Factors:
-Today's session witnessed sell-off in most sectors, with banks, financials and realty as worst hit.
-However, market pared losses due to support coming from select heavyweights such as Reliance Industries, Bharti Airtel and Tata Steel.
-PSU bank stocks are among the worst hit in today's sell-off. The Nifty PSU Bank index fell over 3 percent with all components in the red. The index heavyweight SBI fell 5 percent while shares of Bank of India, Indian Bank, Canara Bank and Central Bank of India fell 3 percent each.
-Indian markets are expected to be in sync with the global markets and also react to the ongoing border tensions with China.
Nifty - Outlook for Thursday, 10th September:
NIFTY has broken the neckline of Head & shoulders pattern and also broke the support of 11250, it bounced back from 11200 to see some revival. We expect it to remain in bearish territory and can see further lower levels. The neckline will act as resistance for upward moves.
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