Market slumped in the week just gone by in line with slide in global stocks as a recent sharp drop in global crude oil prices heightened fears about receding global growth. Diminishing hopes that the constitutional amendment bill on GST will be passed during the ongoing winter session of parliament with main opposition Congress party repeatedly disrupting the parliament also weighed on investor sentiment.
The Sensex and the Nifty dropped in four out of five trading sessions in the week ended 11 December 2015. The Nifty lost 171.45 points or 2.2% to settle at 7,610.45.
Macroeconomic data, monetary policy decision by the US Federal Reserve, trend in global markets, investment by FPIs, the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in the coming week.
On The F&O Front :
Weekly data shows in the past trading sessions, we have seen strong Call writing in 7900/7800/7700 strikes & major Put build up at 7600/ 7500/7400 strike indicating a negative bias for market, in the near term.
On Technical Front:
On Nifty weekly chart strong support is seen at 7625. If it breaks with high volume, more bearishness is expected.
Nifty Call Tomorrow:
Nifty Directional is down for next week. We suggest to Sell Nifty Future below 7610 Target 7560, 7510 Stop Loss 7710
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