Research_4u
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MARKET SUMMARY:
The Indian equity benchmark index nifty continues its losing streak for fourth consecutive day as weak IIP data and accelerated CPI data pain out. The day was started gap down due to weak data and weakness continued for the entire day on the back of selling by FII after a long time where nifty surrenders important level of 6200 and closed below it which dampened the trader’s sentiment; at the nifty closed at 6168 mark with cut of 1.1%.
Daily Market Trend :
Daily Nifty Levels -
R1: 6180 R2: 6210 R3: 6230
Pivot: 6180 S1: 6150 S2: 6120 S3: 6090
CHART FORMATION:
[Source : marketresearchtips4u.blogspot.in ]
The Indian equity benchmark index nifty continues its losing streak for fourth consecutive day as weak IIP data and accelerated CPI data pain out. The day was started gap down due to weak data and weakness continued for the entire day on the back of selling by FII after a long time where nifty surrenders important level of 6200 and closed below it which dampened the trader’s sentiment; at the nifty closed at 6168 mark with cut of 1.1%.
Daily Market Trend :
Daily Nifty Levels -
R1: 6180 R2: 6210 R3: 6230
Pivot: 6180 S1: 6150 S2: 6120 S3: 6090
CHART FORMATION:
- Nifty witnessed breakdown of up sloping trend line support of 6200 mark and closed below this.
- Nifty has immediate support in 6150-6120 zone.
- On weekly chart nifty witnessed bearish engulfing candlestick formation from upsloping trend line resistance.
- 61.8% retracement from low of 5972 to high of 6415 is placed at 6140 mark.
- 20-day EMA is placed at 6200 mark while 50-day SMA is placed at 6140 mark.
[Source : marketresearchtips4u.blogspot.in ]