After a day of distribution the Indian stock market ended the session on negative note. Further persistent selling was seen at higher levels all through the day. Today’s negative close marks the end of the pull-up, and may be from Monday bears will take over the market. The 20-and 40-hourly averages are packed at 4517 and 4539 respectively, below which the fall will gain momentum.The daily KST continues to maintain downward bias. The overall market breadth was almost neutral with 633 declines and 600 advances on the NSE.

The hourly KST has turned down with negative crossover,which is a weak sign for the market. Our short-term bias is down for the target of 4325 with the reversal placed at 4732. However, our mid-term bias is still up for the target of 5000 with the reversal packed at 4325.

The Sensex ended the day 106 points lower and Nifty closed 24 points down. The BSE MIDCAP also closed 0.09% lower.However, the BSE SMLCAP closed 0.40% up. Bar energy sector all showed some buying interest, all other sectors witnessed selling. From the 30 stocks of the Sensex ONGC (up 5%) and Reliance Infrastructure (up 1%) led the pack of gainers, whereas Jaiprakash Associates (down 4%) and Hindustan Unilever (down 3%) led the clutch of losers.

(Disclaimer : The above chart shown is for study purpose only and not for trading decision)

Author Name

Contact Form

Name

Email *

Message *

All Rights Reserved © 2008 Shubhlaxmi Investment. Powered by Blogger.