Nifty Will Face More Correction and Consolidation Before Resuming Uptrend 0 1505

Pre Market Updates: Wednesday September 12

Nifty levels
Nifty levels


  • Asian markets are mixed.
  • SGX Nifty indicate a positive opening for Nifty.
  • Nifty futures and Bank Nifty Futures hold huge short positions. Short covering rally expected today as tomorrow holiday for us.
  • Yesterday all sectors fell sharply for second consecutive session.
  • The rupee hit record low against the dollar.
  • Global and domestic sentiments are weak, some more correction and consolidation could be possible before resuming uptrend.
  • India VIX moved up for the second consecutive session and hovered near its 14-week high level, which suggested limited upside for the market.
  • Nifty may face resistance around at 11380 and supports come around 11220.

Nifty50 Technical Analysis: Bearish head-and-shoulder pattern.

  • Nifty50 daily chart formed a bearish head-and-shoulder pattern, which has bearish implications.
  • The Head and Shoulders pattern has the shape of a head and two shoulders, as the name suggests. A head and shoulders pattern can act as a reversal or as a continuation pattern.

Put Call Ratio

  • Nifty PCR at 1.25 versus 1.33.
  • Nifty Bank PCR at 0.58 versus 0.84.

Earnings to Watch

  • Tourism Finance Corp.
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