On the back of negative cues from the global front, index opened with down gap and traded with southward bias in first half of the session. It almost tested the support zone around 5600 levels and rebounded marginally in the end. Finally, it lost more than half a percent with market breadth ending on the declining side.
On sectorial front, indices traded mixed with Realty and Consumer Durables ended strongly in green while IT, Metal and FMCG lost more than a percent each. Technically, Nifty tested lower trend line of the rising channel on the daily chart today ( see the below chart) so it’s likely to witness some technical bounce or sideways move in the next session. Going ahead, the breakdown from prevailing channel will result in retesting 5450 level so one should be cautious at current level especially in position sizing and it’s always better to cut the loss short so maintain strict stop losses.
On sectorial front, indices traded mixed with Realty and Consumer Durables ended strongly in green while IT, Metal and FMCG lost more than a percent each. Technically, Nifty tested lower trend line of the rising channel on the daily chart today ( see the below chart) so it’s likely to witness some technical bounce or sideways move in the next session. Going ahead, the breakdown from prevailing channel will result in retesting 5450 level so one should be cautious at current level especially in position sizing and it’s always better to cut the loss short so maintain strict stop losses.
Trend Sheet - Indices
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