Pre Market Updates: Tuesday September 18
- Asian stocks are mixed
- Markets are currently dancing to the global tunes.
- A big disappointment came when reports suggested that Goldman Sachs has downgraded its rating on India. It is overweight on banks, tech, and metals. Goldman said that market is likely to consolidate heading into the elections and the 12-month target is at 12000.
- Huge call writing was witnessed in 11500CE.
- Nifty may face resistance around at 11500 for September expiry.
- Nifty may trade between 11300 and 11440.
Nifty50 Technical Analysis: Bearish Belt Hold.
- Nifty50 resumed its downswing with a Bearish Belt Hold formation.
- Bearish Belt Hold is a single candlestick pattern, basically, a Black Opening Marubozu that occurs in an uptrend.
- It opens on the high of the day, and then prices begin to fall during the day against the overall trend of the market, which eventually stops with a close near the low, leaving a small shadow at the bottom of the candle.
- If longer bodies characterize the Belt Hold, then the resistance they offer against the trend will be even much stronger.
- Nifty PCR at 1.28 versus 1.38
- Nifty Bank PCR 0.84 versus 1.02
- ADANIENT
