♨️Nifty,Bank Nifty & Many Major sectorial Indices are Trading Below 200 DMA.
♨️On Friday Brent crude oil slipped another 6% to $59.Crude near 52 week low.
♨️The Major concern Is even after almost 30% Correction in crude oil prices & Rupee strengthening, Index & Major sectorial indices were not able to cross Major Resistance & 200 Day Moving Average.
♨️Next few sessions are important for markets.How Global news flow pan out and Markets are waiting for Few major events.
Major events lined up in December:
G-20 MEET
TRUMP- XI GLOBAL MEET
BANKING POLICY
FED MEET
STATE ELECTIONS & RESULTS
♨️How state election results pan out would give Futher direction to markets.
♨️There are high chances of BJP winning in 2 or 3 states.Rajasthan can be a suprise for them.
♨️If BJP wins markets would rally at faster pace and can Test 11000/11200 levels and if BJP losses than markets can Correct Till 10200 or can even Test 10000 levels.
♨️Currently markets are ignoring many positive Development ,which can be visible in long term as crude is near 52 week low.Dollar getting weak & Rupee strengthening.Inflation to ease.Bond Yields expected to get softer going forward.Trade defecite to come down.
Currently Nifty support @ 10500/10440/10400.
Resistance@ 10700/10770/10890.
Nifty Below 200 DMA
Bank Nifty Below 200 DMA
All Following Index are Trading Below 200 DMA
IT Index
Metal Index
Midcap Index
OIL & Gas Index
Realty Index
Auto Index
MNC Index.
Stock specific action to continue.
Disc – All views expressed are for Educational and study purpose only
WealthCreatures 