Pre Market Updates: Wednesday September 12
- 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.
- Nifty PCR at 1.25 versus 1.33.
- Nifty Bank PCR at 0.58 versus 0.84.
- Tourism Finance Corp.
