Markets in the red
The percentage of stocks above support is lower than 50 per cent, so long term investors who have created positions in deliveries on July 16 may quit them and will not invest in deliveries as long as percentage support remains below 50 per cent.
THE INDIAN stock market has been on a downtrend in the past few days. It was a terrible day for trading as the market ended at a low. Today, the market was quite volatile and closed in the red. The market closed at a low, led by auto and cement stocks and correction can been seen as an opportunity for buyers as the market is bearish (buying) but it is very difficult to foresee the upcoming trend.
On Monday, August 10, the market saw volatility as the previous close on Friday, August 7 was 15160.24 and the market opened in the green at a level of 15287.14 and reached the day's high in a few minutes (15417.34). But again the market slipped into the red and touched a day low of 14902.02 and closed at 15009.77. The percentage of stocks above support is lower than 50 per cent so long-term investors who have created positions in deliveries on July 16 may quit them and will not invest in deliveries till the percentage support remains below 50 per cent.
According to experts, the market could move in a range for some time and every correction can be used as an opportunity. Today's weak close indicates that the market could drift lower. The markets are very volatile and it seems that the levels for Nifty may get broken. But as the daily trend is still up, readers who are long in Nifty and who bought on July 16, may continue to hold on to them as long as the trend does not turn down.
Strong futures shares includes: Patni, Mphasis, Bharat Forge, GT OFFshore, Aurobindo Pharma, TCS, Shree Renuka, Wipro, Polaris Software and DCB, whereas weak future shares include: Suzlon, Chambal Fert, Divi Lab, Nagarjun Fert, Educomp, IDBI Ltd, RCom, Colpal, Pantaloon Retail and Hero Honda.
According to experts, the market could move in a range for some time and every correction can be used as an opportunity. Today's weak close indicates that the market could drift lower. The markets are very volatile and it seems that the levels for Nifty may get broken. But as the daily trend is still up, readers who are long in Nifty and who bought on July 16, may continue to hold on to them as long as the trend does not turn down.
Strong futures shares includes: Patni, Mphasis, Bharat Forge, GT OFFshore, Aurobindo Pharma, TCS, Shree Renuka, Wipro, Polaris Software and DCB, whereas weak future shares include: Suzlon, Chambal Fert, Divi Lab, Nagarjun Fert, Educomp, IDBI Ltd, RCom, Colpal, Pantaloon Retail and Hero Honda.
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