Friday, September 9, 2016

WEEKLY TIP OF MARUTI FOR 12 -16 SEP

“SELL MARUTI BELOW 5400 TGT 5300/5200”
CANDLESTICK : BEARISH HANGING MAN
The Hanging Man is a bearish reversal pattern. It signals a market top or a resistance level. Since it is seen after an advance, it signals that selling pressure is starting to increase. The long lower shadow indicates that the sellers pushed prices lower during the session. Even though the bulls regained their footing and drove prices higher by the finish, the appearance of this selling pressure after a rally is a serious warning signal. If the body is black, it shows that the close was not able to get back to the opening price level, which has potentially more bearish implications.

Nifty settles below 8,900 mark ,Some Sharp Correction To Be Seen 

Today, the Sensex ended with a loss of 248 points at 28,797. The BSE Sensex opened at 29,063 and touched an intra-day high of 29,062.90 and low of 28,755.The NSE Nifty closed with a loss of 86 points at 8,867. The NSE Nifty opened at 8,934 hitting a high of 8,939 and low of 8,859. The Indian equity market ended with losses on Friday. Weak global cues, profit booking and a weak rupee dampened the sentiment. Indian Stock Market was open neagtive. Technically, analysis would still remain same and Indian Stock Market is still in positive zone. Trade has to be on the positive side. Every dip in the market would be an opportunity for traders to go long. We may see further consolidation before Nifty breaches 9000 mark. Nifty would surely breach 9000 mark in day to come after some consolidation or correction but once it does so, we would see lifetime highs of 9119 breaching immediately and market would create new lifetime highs in that case.
TOP GAINERS: ONGC, GAIL, Wipro, TCS, RIL, HCL Tech, HDFC Bank  
TOP LOSERSHindalco, Yes Bank, UltraTech Cement, Axis Bank

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