After Thursday’s decline, Nifty opened on flat note and resumed the negative bias as the day progressed. It lost close to a percent with market breadth ending in very bad shape. Among sectorial pivots, PSU, Realty, Metal and Oil&
gas were the major dragger followed by other pivots. Keeping in mind the market move from past two months or so, we expect consolidation to continue on broader scale i.e. 5570-5800 level so stock specific move would be crucial to watch. Besides, traders should keep extra caution in the near term as we have witnessed several examples of breakout failure that may result heavy losses if stop losses not aptly placed.
gas were the major dragger followed by other pivots. Keeping in mind the market move from past two months or so, we expect consolidation to continue on broader scale i.e. 5570-5800 level so stock specific move would be crucial to watch. Besides, traders should keep extra caution in the near term as we have witnessed several examples of breakout failure that may result heavy losses if stop losses not aptly placed.
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