Nifty spooked: Bearish Red candle engulfs prev 4 days candles
Nifty had a freakish day today making a big red candle engulfing last 4 days candles and erasing the gains. FII+DII sold for 1475cr -yet another big selling day today. Global cues probably spooked the market in the closing hours. Vix shot up 6.05 % to 17.78 --indicating nervousness has crept in and further increase in vix & volatility would prevent money inflow. PCR is down to 0.59 indicating downside fears.
If market can gap up/move up & sustain above 18218 can we expect some upside move towards 18276 resistance with 18218 as support. Below this level, sideways consolidation is likely. breakdown below 18148 could open out some lower levels. Next support is 18032/17693.
What do you think?
If market can gap up/move up & sustain above 18218 can we expect some upside move towards 18276 resistance with 18218 as support. Below this level, sideways consolidation is likely. breakdown below 18148 could open out some lower levels. Next support is 18032/17693.
What do you think?
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