TODAY’S MARKET OVERVIEW
Our market continued sideways movement on Tuesday as well. Market indices open negative today due to negative Asian markets and after that continues its sideways movement (mainly negative). As we said earlier, on technical charts Nifty has shows trend line breakout, which shows trend reversal. European stocks traded around flat line due to negative economic data from China. Nifty reality closes with marginal gain of 0.48% followed by Nifty auto by 0.20%.Today Nifty PSU banks fell by 0.65% followed by Nifty IT 0.60%.
Nifty closes 38.35 points down at 10186.60; and sensex was down by 91.69 points at 32941.87.
Hero Moto, Axis Bank and Bajaj Finance are the top gainers today and Bharti Infratel, Larsen and HPCL end on the losing side.
Technical and fundamental both suggesting us to remain caution as Nifty Future has breakdown its support level, trend line breakdown suggested trend reversal and also MACD has shown downward crossover. As China economic data disappoints negative sentiments will remain in the market till any further positivity comes to turnaround.
Trading strategy on Wednesday will be sell on high as market trend is looking from consolidate to bearish.