Friday Disaster: Nervousness May Persist: Stay Cautious!!
Friday, The Index opened gap down and traded in the red whole session, finally ended at 10316.45. The market witnessed one of the disastrous Friday amid RBI surprisingly kept the Repo Rate unchanged, liquidity crisis in the NBFCs, free fall in rupee and boiling crude oil prices. The Market crashed and seen flood of sell off across the board, it was another horrible week. The whole session was in the grip of the bears. It has formed a strong real body, red candle on the daily chart as well as on the weekly chart and broken its immediate support of 10550 levels and trading much lower suggests room for more downside. It's very hard to say that it has made its bottom and where is the bottom in the current scenario. The Market is in a downtrend mode and Bears having an upper hand on the D-Street. It has disregarded everything going on the global front and domestic as well and reached in an oversold zone, as a result market become ultra-sensitive. One cannot forget that pullback is overdue and the possibility of pullback can't ruled out. We advise still the same: stay sideline for now as the Market is overheated and in a strong grip of Bear. It is advised that avoid bottom fishing at this stage, patience is required.
For Today: The Market is likely to Start the Day on a Negative Note following the Global Markets. The Nifty has immediate support at 10250-10180 levels breaching this level could drag the index below 10000 Whereas, 10373-10420 levels will act as a stiff resistance. Adopt a cautious approach and keep a low profile.