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Higher WPI Data Aid In Dragging The Market Down.

  • MARKET SUMMARY: –On Tuesday trading, the Nifty index fell 38 points down to 10186.00. Indian benchmark index nifty opens flat and traded with negative biases for the day. Selling pressure on higher level pushes the nifty down to breach the immediate support level of 10200 and below that it kissed the first support level of 10180 for the day as mentioned in the previous day report.

     

    TECHNICAL COMMENTS: –On the daily chart, the nifty index continues its losing streak for the second consecutive day of the week. The Nifty index forms a bearish candle and closed near the day with weakness. The index price closed below the short-term moving average of 26 days SMA. RSI at 45 and MACD is trading below the signal line may further support the immediate downtrend in the coming time.

     

    WPI data for October month at six month high. Higher crude oil prices and unimpressive Q2 number from the corporates is some of the reason pushing the market down in the short term. A higher inflation data can also get in the way of reducing interest rate in the upcoming monetary policies.

    In shorter time frame, the index price trending downside with negative biases. A breach of immediate support level of 10180 may see a correction to the level of 10160-10120-10080 in the downside. Whereas the nifty index has immediate resistance at 10225-10260-10300 on the upside.

     

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    BOTTOM LINE: – For the Nifty traders, Market may ahead for a lackluster trading session. The market tone remains negative until market holding below 10400 level.

     

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