Indices snapped an eighth day gaining streak and haulted due to weak global clues. Nifty was down by 116 points and closed at 18696. Yesterday I have mentioned in my article that market is over baught and it may take some pause to move further.. Trend has not been changed, just correction / consolidation phase, paused the market upmove train.
Amid weak Asian markets and mixed close of the US markets in the overnight trade, the Indian market started on a negative note and extended the selling as the day progressed. However, buying at lower levels helped trim some of the day's losses. At last, last candle was not bad. Indications are in the favour of further consolidation in the index but the tone would remain positive till Nifty upholds 18,300. And, since all the sectors are participating in the move, traders should utilise this phase to add quality stocks on dips.
Psu banks were under pressure. Sectoral pack traded mixed wherein realty and metal counters were in the limelight while auto and energy traded subdued. Amid all this, the buoyancy on the broader front kept the traders busy till the end.
19000 is the first destination for bulls. This may be crossed with aggressive buying before December end.. The two immediate triggers - RBI's credit policy next week and the US Fed meeting in mid-December on the rate front would determine the investors' mood in the near term.
On weekly basis nifty gained 1% while on monthly basis nifty has broken previous month's high.
All dips are buying opportunity, so accumulate good stocks till clear bear signal appears on chart.
Happy weekend.. 💐