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Today’s market report
In today\'s trading session Nifty opened on a positive note, however failed to hold its initial gain remained extremely volatile and range bound most of the trading session. In four hourly chart a hanging Man candle stick pattern is visible.
In today's trading session Nifty opened on a positive note, however failed to hold its initial gain remained extremely volatile and range bound most of the trading session. In four hourly chart a hanging Man candle stick pattern is visible. Indicating selling pressure is starting to build. Any gap down or a long bearish candlestick with good volume in tomorrow's trading session or breaking below the short term support at 8150,will provide further confirmation
We expect market to trade in a range with negative bias as long as it will trade below key supply level of 8230-8250. Selling pressure is likely to increase once market will move below 8150.
Market will keep an watch on India manufacturing PMI data schedule to release tomorrow. The April 2016 figure of 50.5 was the lowest reading since Dec 2015, indicative of slower pace of new business growth. Anything higher than expected 50.6, will trigger positive sentiment in the market. Current account number is also due tomorrow, before RBI credit policy scheduled in June second week this data is very important too. Short term support is at 8150 and resistance is at 8230 and 8250.
By Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.
