Nifty Outlook by Epic Research

An eighth consecutive day of decline as the market is in grips of aggressive bearish momentum. A reversal pattern like Hammer was negated in today’s trading session with pushing markets down to crucial levels of 10600 – 10630.

Domestic markets are seeing a decoupling from global markets that further indicates the fact that we are moving towards a macroeconomic event such as LS2019. This is one of the reasons why this decoupling is seen in the last 2- 3 months. Crude oil prices may further have an impact on the Indian equity market since it has been on the rise and taking well support over $50 mark for the last couple of weeks.

For #Nifty; support is at 10600 on a closing basis. It has been the support bulls have been relying on since last two months. A breach of this would trigger a large bearish momentum that can be extended to lower levels of 10400 – 10150. It is about time we see a breakout or any failure to do so would give us an indication oscillation in 10600 – 10900 range.

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Posted in: Indian Market Tips