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Black Monday for Indian markets!

·3-min read

Market Update at 2:30 PM: The key benchmark indices further slipped lower with Nifty trading near the day’s low. Nifty has plunged more than 1 per cent, led by HDFC twins, which have combinedly contributed nearly 81 points to the fall of Nifty.   

Among sectoral indices, barring Nifty Realty, all others were trading in red with Nifty Financial Services and Nifty Bank tumbling over 2 per cent each.   

Meanwhile, India VIX has jumped more than 10 per cent.

 

Market Update at 1:00 PM: Indian markets did manage to recover from the earlier hour jolt; however, the recovery did not last too long as once again, Nifty slipped below the 15,800 mark and it's now seen approaching towards the intraday low of 15,735.95. Besides, around 37 stocks out of Nifty 50 stocks were seen trading in the red.   

Interestingly, India VIX is trading near the day’s high and it is up by over 7 per cent. Despite the sharp sell-off in the frontline indices, the broader market are seen relatively outperforming the frontline indices with Nifty Midcap 100 was down by 0.68 per cent, while Nifty Smallcap 100 being just above the neutral line.   

 

Nifty ended the week gone by with gains of 1.49 per cent and formed a bullish candle on the weekly chart. Meanwhile, Friday’s price action has raised some concerns as Nifty failed to capitalise on early gains and ended the session almost flat. The candlestick formed on the daily chart on Friday resembles a hanging man pattern but it’s still, not a perfect textbook hanging man pattern. Hence, it’s better to ignore it! However, what’s more important is that Nifty managed to close above the 15,900 mark on a weekly closing basis.  

Though the price action seems to be in favour of the bulls, technical oscillators & indicators setup have not yet improved in favour of the bulls. The leading indicator i.e. the RSI is showing a substantial negative divergence on the daily as well as the weekly chart. The price moved higher, making a higher high but the RSI is still below the prior swing low. The weekly MACD shows a flat momentum while on the daily timeframe, MACD is bearish as it remained below the signal line.  

Going ahead, the level of 16,000 is likely to act as a strong resistance level for the index as the maximum open interest on the call side is seen at 16,000 strike price. In the coming week, the market participants are likely to take cues from the earning seasons. The earning season is likely to pick-up with companies like ACC, HCL Technologies, Bajaj Finance, Bajaj Finserv, Hindustan Unilever, Bajaj Auto, UltraTech Cement, JSW Steel, Reliance Industries, ICICI Bank, ITC, and many more. 

Apart from this, the market participants will be keenly monitoring the new listing. G R Infraprojects and Clean Science & Technology, which received robust responses from all categories of investors, will make their debut on Monday. 

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