IDX:NIFTY 50 - 1962860
NIFTY has finally slipped down to lose almost 162 points to close in the red indicating the beginning of some profit booking which can continue still further in the coming days.
Among the major laggards TECHMAH, HCLTECH, WIPRO, HDFC, ICICIBANK, HINDUNILVR, INFY, ONGC, HINDALCO, BPCL, ASIANPAINT and ULTRACEMCO which witnessed profit booking while TATAMOTORS, BHARTIARTL, ITC and UPL were among the major gainers.
The market breath turned weak as the day progressed with the advance decline indicating a ratio of 1:3 at close.
NIFTY has halted the rally near 14600 levels as of now.
With the daily trend of both the indices turned down we anticipate further slide in the coming days with 14200 levels as a crucial support zone for NIFTY which if broken can further intensify the selling pressure.
We maintain a cautious view as of now with also the onset of the results season volatility is anticipated.
However, the support for the week is seen at 14100 while the resistance is seen at 14700. #NIFTY50