V-Mart jumped to a new high in today’s session. The stock gained 4.1% on above-average volumes today. V-Mart broke out of a seven-week long consolidation base pattern on Monday and has advanced 6% from its pivot price of Rs. 1798.
Selling streak extends to six sessions; Nifty, Sensex likely to test 200-day lines soon.
Daily Market Review:
Just like a critical patient struggling from a life-threatening disease in an ICU, the Indian market condition has been getting worse with every passing day.
The Indian equities have been way too ruthless in recent times, with almost each trading session rubbing salt on wounds of millions of investors. Continue reading “Daily Big Picture – Market in Dire Straits; Nifty Gets Closer to the 200-DMA”
Bears took control over D-Street, as India’s key indices came under massive selling pressure in the final hour of today’s session. With both the Sensex and Nifty breaching their previous lows and distribution day count at high levels, we downgraded the Indian market status to Downtrend today.
Nifty, Sensex correct over 1%; slip into Downtrend for first time since demonetisation.
Daily Market Review
Strength begets strength, weakness begets weakness.
The second part of the above sentence seems totally apt, when it comes to the Indian market’s present condition.
Bears gained complete control over Dalal Street, as key indices went downhill for the fifth session in a row. With both the Sensex and Nifty tumbling over a percent each, previous support levels got breached in the process.