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Nifty forms a bearish Dark Cloud cover on weekly chart holding the fate of bulls at the swing high placed at 10900. Global markets sell-off that is seen across the major indices has daunted clouds over domestic indices with Nifty giving away almost half of its previous week gains.The European markets did try to recover but lost much more as they are seen trading at almost close to two years now. This is a major decoupling from an established bullish market across the globe. hence loss aversion is now a key which is further triggered with continuous fall in crude oil; implicating a demand concern in the Global economy. A split outcome from OPEC also raised some concerns and took off support from tumbling crude oil prices.
To have a strategy within a consolidation will bring us more whipsaws hence a breakout is required above 10900 for an elevated upside.
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Posted in: Indian Market Tips
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