18 February 2020 4:45:PM
NIFTY witnessing correction for 4th session….
- 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.
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)