Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
31 January, 2015 03:03 IST
Investors cautious ahead of winter session of parliament: Dharmesh Patel
Source: IRIS | 20 Nov, 2012, 12.41PM
Comments  |  Post Comment

Despite positive global cues, Nifty ended a dull session on a flat note on Monday as investors looked cautious ahead of winter session of parliament that would begin on Thursday. The index ended at 5,571.40 down 2.65 points. For second consecutive session on Monday, declines outnumbered advances by a 2 to 1 ratio.

Commenting on outlook, Dharmesh Patel, technical analyst, Emkay Global Financial Services, "It's the seventh consecutive session when the index has ended in red. If we look into past and examine the history after seven days of negative closing probability of a positive close is high. Also the daily momentum has almost touched its oversold reading, which also says that the ongoing streak of negative closes is on the verge of termination. But still we are in doubt whether the bounce from current levels will only be a dead cat bounce or start of a new up-move. Unless index goes above its 50-day MA (5,630) and violates the bearish island at 5,699, bears' will have an upper hand and our inclination will be towards a bearish viewpoint. Then why aren't we utterly bearish! The reason is that Nifty has not yet broken its bullish trend line (5,549) that is drawn connecting the lows of 4,770 and 5,217. And until that is broken probability of a whipsaw break of 50-day MA will remain open.

So, frankly speaking as of now we are in the midst of confusion as to who will lead - bulls or bears!"

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Whirlpool of India standalone quarterly earnings surge 48.42% - 30-Jan-2015 19:19
Shriram Transport Finance board elevates Lakshminarayanan as chairman - 30-Jan-2015 17:26
Tech Mahindra consolidated quarterly profit declines 20.25% - 30-Jan-2015 15:49
Binani Industries swings to profit in Oct-Dec quarter - 30-Jan-2015 15:43
NTPC standalone quarterly net climbs 7.43% - 30-Jan-2015 15:38
Kirloskar Brothers swings to loss in Oct-Dec quarter - 30-Jan-2015 15:35
Adani Enterprises consolidated quarterly profit soars 6.51 times - 30-Jan-2015 15:30
JSW Steel consolidated quarterly profit drops 29.49% - 30-Jan-2015 15:25
Monsanto India standalone quarterly net drops 25.76% - 30-Jan-2015 15:20
Dabur India consolidated Q3 profit climbs 16.5% - 30-Jan-2015 14:55
Siemens Q1 profit surges to Rs 6.34 bn - 30-Jan-2015 14:47
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer