12/16/2023 0 Comments Download simple sticky notes 5.7We have collated 15 data points to help you spot profitable trades: The broader markets also snapped rallies of several sessions as the Nifty Midcap 100 and Smallcap 100 indices fell 0.55 percent and 0.95 percent, respectively. He feels Thursday's swing high could be considered as a new higher top of the sequence and further weakness for the short term is expected to be a higher bottom of the sequence.Īt the lows, Nifty could find cluster support like ascending trendline, 10-day and 20-day EMA (exponential moving average) around 18,560-18,450 levels, he said. Technically, this pattern indicates rejection of bulls at the highs and this could be considered as a short-term reversal pattern on the downside," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said. "A reasonable negative candle was formed on the daily chart with an upper shadow. The BSE Sensex fell 294 points to 62,849, while the Nifty50 declined 92 points to 18,635 and formed a bearish candlestick pattern on the daily charts, which experts feel is the short-term reversal of the trend. Most of the sectors, barring metal, saw correction. The market has seen a correction for the first time in the last five consecutive sessions on June 8, after the RBI Monetary Policy Committee unanimously held the repo rate at 6.5 percent, in line with consensus expectations while retaining the withdrawal of accommodation stance by five out of six votes.
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