Nifty Momentum Remains Week 0 1324

Pre Market Updates: Friday October 5, 2018
Nifty levels


  • Asian markets weak in early trade
  • Yesterday Government has cut excise on petrol and diesel by Rs 1.5 per litre. Oil marketing companies have been asked to bear remaining burden of Re 1 per litre. Then all oil marketing counters fall drastically.
  • Reliance Industries was the main contributor towards the fall in the Index tanking 6.87%. HPCL, BPCL, and IOC ended the day 13.54%, 12.36%, and 11.43% lower, respectively.
  • RBI monetary policy set to be announced today
  • Rupee crashes to all-time low
  • Crude oil prices racing to a four-year high on October 4.
  • Volatility is not cooling down which is not giving the relief to bulls and suggests a tight bear grip in the market.
  • Nifty momentum remains week
  • Nifty likely to face resistance at 10660 and Support at 10500

Few decisive trend changes that happened this year:

  • USD index bottoming out at 89 in Jan – now at 96
  • Interest rates in US breakout > 2.65% in Jan -now at 3.21%
  • USDINR breakout > 69 and now at 73.75

Nifty50 Technical Analysis:  Nifty Bearish Belt Hold

  • Nifty formed a ‘Bearish Belt Hold’ kind of pattern on the daily candlestick chart.
  • Resistance they offer against the trend will be even much stronger.
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