Why market may
continue to witness more selling and decline by another 4 to 5% in coming days?
for a break and close below 7647 Nifty spot and 15242 spot on bank nifty for a fresh
declines to continue. We believe that there is a strong possibility of the
above to happen due to
( 1) Overall corporate earnings has been below expectations.
(2) Near term earning and valuation do not support present
MARKET LOOKS TIRED AT THIS LEVELS.
(3) We also noticed when market moved up
stock prices swings both side sharply and volume increased and stock
(4) On a chart
near term topping out pattern visible.
(5) Global markets set to decline and particularly
US is looking weak. (6) No major trigger is expected from economy, corporate or
policy fronts in next few weeks.
(7) Delivery base volumes have declined in last few days
when market rallied.
(8) And in coming days we
may also see increasing some global geopolitical and economical concern.
Nifty spot will continue to be a stop loss for shorts. Similarly 15742 bank
nifty spot will be a stop loss for bears.
While we see
markets in the correction mood in short term but we continue to remain bullish
with a long term perspective as in coming days Indian economy will definitely improve
and we advise all to buy selectively well performing stocks at every decline.
BSE SENSEX(25894):DOWN SIDE SUPPORT NEAR 25742-25523-25413. RESISTANCE TO UP MOVE AT 26000.
CNX NIFTY(7721): DOWN SIDE SUPPORT NEAR 7650-7630-7611 AND RESISTANCE TO UP MOVE AT 7750-7780.
BANK NIFTY(15267): DOWN SIDE SUPPORT AT 15242-15088-14920 AND RESISTANCE TO UP MOVE AT 15322-15464.
wishing you all happy trading day !