Share Market News Today Live Updates: Sensex slumps over 900 points, Nifty below17,050; Harsha Engineers lists at 36% premium

Technical View

Posted by :- prashun talukdar

“On the technical front, Nifty ended the week on a negative note extended losses for the second consecutive week in a row, on the daily time frame it ended with a long bearish candle which sums up to a possible reversal in the market. However, on an overall basis, the market continues to remain consolidative amidst the broader range of 16,900-18,000 and one needs to recall that secondary corrections are a part of the bull market. Presently a trader needs to show patience and need to avoid trading aggressively in the market as the risk of a bare minimum correction of 38.2 per cent of the entire rally from 15,183 to 18,096 comes around 16,990 followed by a 50 per cent correction at 16,650 remains. During the day index is likely to open with a gap down, tracking weak global cues. Formation of lower high-lower low signifies corrective bias. Hence, use intraday pullback towards 17,400-17,500 for creating a short position for the target of 16,900,” said Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd.