Traders’ Diary: Nifty has support at 11,650 level
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On Monday, Nifty may register a breakdown from the narrow range on the weekly charts, if it slips below 11,769 level. In such a scenario, a correction shall get accentuated further. If the bulls manage to defend this level, then the consolidation will continue with an initial target of 11,930
Nifty recorded a close at 11,823, below the required 11,830, suggesting the fall would accelerate. The near-term oscillators are in sell mode and the index is likely to slide towards 11,765 and subsequently to 11,500 levels
FII outflows totalled $285 million for the past five days, while DII outflows stood at$26 million for the same period. We advise investors to be selective in stock selection. Key events to look forward to would be the Fed meeting in June and Budget in early July
We observed a formation of head and shoulder type pattern as per daily timeframe chart (not a classical one) with the neckline placed at 11,770. Hence, a decisive move below this neckline support could open up a potential downside pattern target of 11,525 in the near term (this pattern could activate only on a decline below the support of 11,770)
As long as Nifty holds below 11,888, Nifty could extend its weakness towards the lower band of the support range at 11,761 and then see a fresh decline towards 11,660 level, while on the upside immediate hurdles are seen at 11,965 and then 12,000 levels
Investors remained cautious after media reports said India will impose retaliatory tariffs on 29 US products. Global uncertainties remains the key risk to equities though market would also react to initial policy signals, especially Union Budget. We maintain positive stance on the market and focus on stocks with good management and relatively strong balance sheet
Ripple effect from a weak global markets while premium valuation and slow economy is hurting the market. Continuous exchange of words between the US and Tehran regarding the oil tanker attack, progress of US-China trade-war, Fed policy outcome and progress of monsoon will be closely watched by the investors. The market is cautious awaiting these important events while companies highly leveraged are being mostly impacted
The market is dancing to the global tunes and we do not see this changing anytime soon, in the absence of any major local trigger. Nifty could see further fall if it fails to hold 11,800 and the next crucial support will be at 11,650. We advise keeping positions on both sides while maintaining focus on stock selection
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