NIFTY forms divergence! couldn't cross resistance zone
Nifty - Technical Analysis:
-Nifty ended 88 points, or 0.76 percent, down at 11,516.10.
-Technology is the only saving grace and the only sector in green but that too has come off. Key victims today are metals and auto.
-Divergence in RSI was observed as NIFTY was unable to cross the resistance zone. We can see selling pressure below 11470
Market - Driving Factors:
-Today we saw IT and pharma bucking the weak trend as smart buying was seen across several counters in both the sectors. HNI accumulation was witnessed across cyclicals in todays trade.
-Happiest mind more than doubled in its stock market debut, underscoring strong investor interest in IT services firms during the COVID-19 with it's IPO debut.
-Dr Reddy's, Zee, HCL Tech, Infosys and Maruti were the top gainers on the Nifty50 index while Hindalco, Tata Motors, Shree Cements, Bajaj Finserv and Bharti Infratel led the losses.
-Among sectors, the Nifty Metal index lost 1.4 percent on the Indo-China border tensions while the banking and Fin Services indices fell over 1 percent each. However, Nifty IT and Nifty Pharma ended the day in the green.
Nifty - Outlook for Friday, 18th September:
NIFTY has signs of selling pressure but IT and Pharma rally kept the market intact. We need to cross below11470-11450 before taking short positions. Any move upwards will test the resistance zone and needs to cross it before reaching upper levels.
-Nifty ended 88 points, or 0.76 percent, down at 11,516.10.
-Technology is the only saving grace and the only sector in green but that too has come off. Key victims today are metals and auto.
-Divergence in RSI was observed as NIFTY was unable to cross the resistance zone. We can see selling pressure below 11470
Market - Driving Factors:
-Today we saw IT and pharma bucking the weak trend as smart buying was seen across several counters in both the sectors. HNI accumulation was witnessed across cyclicals in todays trade.
-Happiest mind more than doubled in its stock market debut, underscoring strong investor interest in IT services firms during the COVID-19 with it's IPO debut.
-Dr Reddy's, Zee, HCL Tech, Infosys and Maruti were the top gainers on the Nifty50 index while Hindalco, Tata Motors, Shree Cements, Bajaj Finserv and Bharti Infratel led the losses.
-Among sectors, the Nifty Metal index lost 1.4 percent on the Indo-China border tensions while the banking and Fin Services indices fell over 1 percent each. However, Nifty IT and Nifty Pharma ended the day in the green.
Nifty - Outlook for Friday, 18th September:
NIFTY has signs of selling pressure but IT and Pharma rally kept the market intact. We need to cross below11470-11450 before taking short positions. Any move upwards will test the resistance zone and needs to cross it before reaching upper levels.
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