The momentum indicator suggests a bearish sentiment among market participants with RSI at 47 slipping below its threshold.
The Indian equity market witnessed a major free fall towards the weekend session, erasing earlier peak, on the backdrop of geopolitical concerns and China’s downgrade on sovereign debt. This coupled with selloff from foreign investors also triggered the fall.
The 2 percent fall in metal and PSU banking indices further took the Nifty to trade below its psychological level and, closed the session at 9,964 with 157 points down on Friday.
The breach from its 20-days EMA formed a long bearish candlestick pattern on its daily price chart coupled with the bearish engulfing pattern on its weekly price chart, indicating a further consolidation in short-term, vindicating the earlier rally without fundamental support.
The momentum indicator suggests a bearish sentiment among market participants with RSI at 47 slipping below its threshold.
With Nifty slipping below its 20-days EMA, the range for the week is expected to be at 10,137 on upside and 9,850 on the downside.
Given the uncertainty revolving around the domestic market on the backdrop of stimulus package coupled with geopolitical tension, the market is expected to remain under pressure.
Here is a list of top four stocks which can give up to 10% return in the short term:
Genesys International Corporation
Future Retail
Tata Steel
Wipro
Missed
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