{"id":104010,"date":"2018-12-06T16:40:20","date_gmt":"2018-12-06T16:40:20","guid":{"rendered":"https:\/\/www.bnreport.com\/tech-view-nifty-forms-strong-bearish-candle-below-200-dma-in-bearish-sign\/"},"modified":"2018-12-06T16:40:20","modified_gmt":"2018-12-06T16:40:20","slug":"tech-view-nifty-forms-strong-bearish-candle-below-200-dma-in-bearish-sign","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tech-view-nifty-forms-strong-bearish-candle-below-200-dma-in-bearish-sign\/","title":{"rendered":"Tech view: Nifty forms strong bearish candle below 200-DMA in bearish sign"},"content":{"rendered":"

It was a terrible Thursday for Dalal Street. Feeble global cues forced Nifty<\/a> to close with a strong bearish candle after a gap-down opening.<\/p>\n

There was a widespread underperformance in equity markets across the globe and India was no exception. Before closing 1.69 per cent down at 10,601, Nifty shuttled between a high and low of 10,722 and 10,588, respectively.<\/p>\n

US markets were closed on Wednesday to honour former President George HW Bush, who passed away last Friday.<\/p>\n

\u201cNifty cracked sharply as it opened below its 200-DMA at 10,750. The near-term oscillators are in the sell mode. Key internals of Indian market weakened on the back of poor sentiments. The index may fall towards 10,470-10,360,\u201d said Arun Kumar, Market Strategist, Reliance Securities.<\/p>\n

Milan Vaishnav, Technical Analyst, Gemstone Equity Research and Advisory said a big bearish candle emerged just below the 200-DMA and this has reinforced the importance of the 200-DMA as resistance over coming days. \u201cAs we approach Fridays trade, it would be extremely crucial for the market to defend the 10,572 level,\u201d he said.<\/p>\n

The index has been making lower highs and lows since last three sessions.<\/p>\n

Mazhar Mohammad, Chief Strategist \u2013 Technical Research & Trading Advisory, Chartviewindia said, \u201cAll the rallies should be utilised to create fresh shorts with initial targets placed around 10,191. For the time being, in an ideal scenario, the upside shall be capped at 10,747 but as the market heads for a binary event, traders should not be surprised if the bulls do not respect the 10,747 level on positive news flow. In any case, as of now, the 10,941 level looks like the intermediate top,\u201d he said.<\/p>\n

Momentum indicator MACD charts show as many as 98 stocks looked weak on the daily charts on NSE as the technical indicator signalled a downward crossover, or bearishness, hinting at possible downsides in the coming sessions. Some of the stocks on the list included Adani Power<\/a>, Hindalco<\/a>, ITC<\/a>, IDFC Bank<\/a>, DLF and Escorts.<\/p>\n

On the other hand, Mastek, JB Chemicals, Godawari Power and Mastek were among 18 stocks that made bullish crossovers on the daily charts.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a>
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ET Markets<\/a><\/h5>\n

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It was a terrible Thursday for Dalal Street. Feeble global c..<\/p>\n","protected":false},"author":1,"featured_media":104011,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-104010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nTech view: Nifty forms strong bearish candle below 200-DMA in bearish sign - Business News Report<\/title>\n<meta name=\"description\" content=\"It was a terrible Thursday for Dalal Street. 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