Monday, 2 July 2018

Closing Bell: Global weakness drags Sensex 159 pts, Nifty below 10,700; Infosys, Titan up 2%

Equity Market News | Trade Nivesh

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All sectoral indices traded in the red except IT. Metals lost shine.
 
The underlying short term trend of Nifty continues to be negative. Nifty sustaining only above 10,750 levels could have a  further positive impact ahead.

The chart pattern is signaling that we could witness choppy trend again with weak bias. The recent swing low of 10,550 levels could be retested for near term.

Nifty remained volatile and lost over half a percent, citing weak global cues. It started on feeble note and gradually declined as the session progressed however sudden rebound in selective index majors marginally trimmed the losses in latter half. Mostly sectoral indices traded in tandem to the benchmark index and ended lower. 

We reiterate advice to keep a close watch on global markets for further signal. Nifty is not giving away any cue while continue fall on broader front has pushed the bulls completely on the back foot. At the same time, it has result in oversold positions too so possibility of intermediate rebound can't be ruled out. Traders should restrict their trades in such scenario.

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