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2 mins Nifty Wrap

Economics 18 February 2020 4:45:PM

NIFTY witnessing correction for 4th session….

 

Highlights

 

  • NIFTY breaches the 100 Day SMA (11942) but manages to hold it on a closing basis.
  • Nifty and Sensex holds the 100 Day SMA but Bank Nifty ends the session below the 100 Day SMA.
  • The Stochastics (%K 68.89 %D 78.84) formed a bearish crossover near the resistance level, indicating the presence of bearish momentum in the prices.
  • On the sector front 9 out of 11 sectors ended the session in the red led by NIFTY METAL (-1.18%) and followed by NIFTY AUTO (-1.01%) and NIFTY REALTY (-0.93%).
  • NIFTY MEDIA and NIFTY IT ended the Day on a positive note with a gain of (1.86%) and (0.61%) respectively.
  • On the stock front COALINDIA (2.92%), ZEEL (2.72%) and BPCL (2.31%) ended the session in the green.
  • Among the losers were INFRATEL, YESBANK and TATAMOTORS ended the session in the RED with a loss of 11.34%, 6.33% and 3.87% respectively.

Technical

Ø NIFTY SPOT: 11992.50 (-0.44%)

Ø DYNAMIC PARAMETER: Nifty breaches the previous week low.

Ø TRADING ZONE:

Resistance: 12030.75 (Day’s high)/ 12160 (Previous session high).

Support: 11908.05 (Day’s low), 11860 (61.8% retracement level of the up move from 11577- 12256)

Ø BROADER MARKETS: MIXED, MIDCAP 17,725.60 (-0.56%), SMALLCAP 6059.60 (-0.35%), Advance-Decline: 631/1164

Ø STRATEGY: Bearish till below 12270 (Swing high)

About The Author

Research Team

GEPL Capital Private Limited operates as a brokerage firm. The Company buys and sells equities, derivatives, currency, IPOs, mutual funds, bonds, and corporate fixed deposits, as well as provides online trading platform. GEPL capital serves customers in India.