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stock market outlook: Ahead of Market: 12 things that will decide stock action on Monday
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NEW DELHI: Nifty50 breached the swing high of 15,273 on Friday only to come crashing down later. The index ended up forming a ‘Bearish Engulfing’ candle on the daily chart and a ‘Gravestone Doji’ formation on the weekly chart. The only silver lining for the day was that the index still managed to close above the 15,000 mark.
Mazhar Mohammad of Chartviewindia.in said Nifty50 seems to be moving sideways and is drawing support from its 20-day exponential moving average that stands at 14,957, as it bounced back after testing the said average in four out of last five sessions to Friday. A close below the 14,950 level can accelerate the selling pressure with initial targets placed around 14,680 level and beyond that a retest of the recent low placed at 14,467 can’t be ruled out. Contrary to this, if Nifty sustains above the 15,000 mark on Monday, it can help the bulls bounce back towards the 15,250 mark. Upsides shall ideally remain capped around the 15,300 mark, he said.
AUD/JPY stays depressed while extending the previous day’s pullback moves. 50-bar SMA, 18-day-old support line probe immediate downside. Bulls need
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