The market remained lackluster on Tuesday, on the back of weakness in the global markets and neutral to negative domestic flows. On the back of global worries, metal stocks closed sharply lower and financial services remained depressed due to uncertainties over the Karvy case.
However, in the second half of the trading session, the market recovered from the lows of 11,960 and closed around 12,000.
Technically, it seems that the market is going to consolidate ahead of the announcement of credit policy which is due on December 5. Nifty should remain in the range of 11,900 and 12,150 and our strategy should be to buy on dips.
-Shrikant Chouhan, Senior Vice-President - Equity Technical Research, Kotak Securities.
Nifty closed the day lower and a reasonable negative candle was formed with minor lower shadow. This candle pattern is placed at the edge of the immediate support of 12,000 (as per the concept of change in polarity). The upside recovery attempt from near the support was not convincing today.
The short term trend of Nifty remains negative. A sustainable move below 12,000 could open up more weakness and the index is expected to slide down to the next crucial support at 11,850-800 levels in the near-term.
However, in the second half of the trading session, the market recovered from the lows of 11,960 and closed around 12,000.
Technically, it seems that the market is going to consolidate ahead of the announcement of credit policy which is due on December 5. Nifty should remain in the range of 11,900 and 12,150 and our strategy should be to buy on dips.
-Shrikant Chouhan, Senior Vice-President - Equity Technical Research, Kotak Securities.
Nifty closed the day lower and a reasonable negative candle was formed with minor lower shadow. This candle pattern is placed at the edge of the immediate support of 12,000 (as per the concept of change in polarity). The upside recovery attempt from near the support was not convincing today.
The short term trend of Nifty remains negative. A sustainable move below 12,000 could open up more weakness and the index is expected to slide down to the next crucial support at 11,850-800 levels in the near-term.
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