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The Nifty began the week with a weakness and what triggered the weakness in the indices were the unsatisfactory quarterly results by some of the heavyweights. The Pharma companies were under severe pressure on the concerns of their global business. Lupin reported a disappointing set of numbers. On the other hand FMCG saw margins clutched as they had to pass on the input cost benefits to the end consumers. The Banking stock did attract some buyers in the last couple of trading session on the back of improvement on the NPA front. At end it was a purely flop show by the benchmark indices as they witness back to back selling.

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Immediate support for the index is placed around levels of 8200-8180 as indicated by 61.8% retracement and the 200-day EMA and if in any case this support is breached it’s likely to move toward levels of 8065. In that case 8065 would act as a major support and if this level is breached that further weakness in the market cannot be ruled out. On the higher side the level of 8350 will act as a hurdle for the bulls and the major hurdle for the bulls would be around levels of 8420.

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