Wednesday, September 27, 2017

INDIA-MYANMAR BORDER DISPUTE WAS THE CAUSE OF DOWNFALL OF NIFTY


The sensex ended the day at a near 3-month low of 31,159, down 439 points or 1.39 per cent, while nifty closed at 9,735.75, down 1.38 per cent or 135.75 points, hitting its one-and-a-half month low level, as the Indian Army today inflicted “heavy casualties” on NSCN(K) cadre during an operation along the India-Myanmar border. Indices fell over 1% on Wednesday, losing for seventh straight session after army conducted operation along India-Myanmar border.
        NIFTY MOVED ON OUR WORDS ...... As yesterday we have predicted  that further downfall would be seen in the market and traders should hold short positions . We have also predicted that downfall is open up to 9730 levels for Nifty where its next support exists and exactly same happened. Indian Stock Market fell down sharply and saw lows at 9718.25 for Nifty near its support and unable to rebound from there. Finally, bulls vanished from the market.
            For tomorrow Short-term traders can make use of bounces to go short at 9780-9800. Stop-loss can be placed at 9850 for the target of 9720/9680. The downside pressure will ease only if the nifty futures  manages to break 9900 decisively. But such a strong bounce looks less probable at the moment. The support for the Nifty is 9710-9680-9650-9630-9600 and the resistance to the up move is at 9790-9820-9860-9900-9920 levels.
DAILY CHART FOR NIFTY


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