Indian markets rallied in line with positive global cues after US raised debt ceiling till 15 Feb averting government shutdown. Nifty rallied around 1.5% to close above 17400 led by gains from technology stocks. In past two days, Nifty in USD terms has retraced 38.2%  in a-b-c form of entire fall and prices still remains vulnerable for Wave 3 sell off as long prices trading below the…

Markets attempted to rebound on Monday after Bank Nifty whipsawed its 200 DMA and ended higher 2% with the support of another beaten-down sector like Metals and Auto with Nifty closing with 1% gains. With gains in Metals & Banking, the Nifty Non-Financial Index was back above the support line which earlier predicted the downside potential of 28% in a quick span of time. The markets are…

Markets turned wildly volatile on Tuesday with Nifty making sharp U-turn after initial rally towards 17300 and finally ending in the negative terrain at day’s low. The Bank Nifty has confirmed major breakdown below crucial 200 DMA of 35700 on closing basis thus opening gates for 25-30% cut in the near term. Going forward, markets are likely to shift gears for a speedy decline with broader…

Markets remained more or less unchanged on Monday but broader markets continue to bleed with midcap and small cap indices ending with almost 2% losses. The Nifty Non IT index which holds 82% weight in Nifty 50 has  posted another closing below support line of rising wedge on Monday, thus turning Nifty vulnerable for a 25-30% dip in the near term. The Nifty Bank although attempted…

Markets triggered surprised selling on Friday with prices opening below crucial support of 17312 which turned out to be the support line of Rising Wedge (Nifty in USD terms) and FII topped it with massive selling of around Rs 8000 cr which took away fire power of domestic participants to hold market. The pillar of strength namely Bank Nifty and Nifty Metal Index have already developed wider…

Markets attempted a rebound on expiry day with Nifty holding its make or break support of 17312 and Reliance Industries contributing entire gains in Nifty and the Sensex. It may appear that the market is showing strength by holding above 17312 which turns out to be a support line of rising wedge but one needs to be on high alert as most breakaway gaps indicate start of significant downtrend…

Markets traded firm, but fell towards the closing with indices turning sharply lower towards the fag end of the session. A reasonable negative candle was formed on the daily chart that has partially engulfed previous bull candle. This pattern signals weak upside bounce in the market. This market action also indicates a chance of Nifty revisiting the recent low of 17216 levels, below which we…