12 May 2021 4:48:PM
NIFTY witnesses a massive sell off in the last hour of the trading….
- The benchmark indices NIFTY and SENSEX ended the session in the red with a loss of (-1.04%) and (-0.91%). The BANK NIFTY moved in sync and ended the session with a loss of (-1.28%).
- On the indicator front the RSI plotted on the daily time frame can be seen forming a bearish hinge and ended the session at the 50 mark, indicating that the bears are trying to take control of the trend.
- On the sectoral index front, 8 out of 11 sectoral indices ended the session in the red with the NIFTY METALS and NIFTY PVT BANKS and NIFTY FIANCIAL SERVICES ending the session in the red with a loss of (-2.97%), (-1.64%) and (-1.23%) respectively.
- The Nifty PSU BANK, NIFTY MEDIA and NIFTY AUTO were the outperformers and ended the session in the green with a gain of (3.24%), (0.65%) and (0.19%) respectively.
- TATASTEEL, HIDNALCO and JSWSTEEL were the underperformers and ended the session with a loss of (-4.77%), (-3.46%) and (-3.45%) respectively.
- TATAMOTORS, TITAN and MARUTI were the outperformers and ended the session in the green with a gain of (3.17%), (1.62%) and (1.31%) respectively.
- NIFTY SPOT: 14696.50 (-1.04%)
- DYNAMIC PARAMETER: NIFTY manages to end the session above the 20 Day SMA
- TRADING ZONE: Resistance: 14824 (Daily high)/ 14900 (Key resistance level) Support: 14621 (20 Day SMA) / 14526 (Multiple touch point level)
- BROADER MARKETS: OUTPERFORMED, MIDCAP 24770.40 (-0.81%), SMALLCAP 8890.55 (-0.59%), Advance-Decline: 910/1023
- STRATEGY: Bullish till above 14416 (Swing Low).