Explore Now
Domestic stocks look set to halt the rally, tracking weak Asian markets and an overnight decline in US stocks. The back-to-back formation of indecisive Doji candles on Nifty s charts, too, has been signalling a weakening of momentum.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 31 points, or 0.23 per cent, lower at 13,560.50, in signs that Dalal Street was headed for a negative start on Tuesday.
Tech View: Third Doji in a row is bad omen
Nifty50 on Monday formed a ‘Doji’ candle on the daily chart, the third in a row. The formation of such an indecisive candle at highs suggests the momentum is weakening, even as the buying momentum continues at lows. The support for the index stands at 13,470 level.
Explore Now
NEW DELHI: Nifty ended above the 13,550 level on Monday but formed a Doji candle on the daily chart, hinting indecision in the markets.
Rohit Singre of
LKP Securities said, the Nifty has formed a good base near 13,500-13,440 zone. We may see bullish momentum to continue towards immediate hurdle zone of 13,600-13,650 zone. Below 13,400 zone we may see some immediate trend reversal. Support for Nifty Bank is coming near 30,500-30,200 zone and resistance is coming near 31,000-31,200 zone, he said.
Vinod Nair of
Geojit Financial Services said, the domestic market is expected to gain its momentum from the global market, due to an eventful week ahead with Britain and the EU moving for a no-deal Brexit and the US markets awaiting the outcome of the Fed meeting.