Bear steal the show as Indian stock markets closed in deep red as Indian indices Nifty and Sensex both had cut their gains over the past couple of days. Nifty today opened very strong at 5557.55 from it’s Thursday’s closing of 5546.45 and moved on to touch an intraday high of 5599.25 but there after bears took over the charge and hammered
down the market by erasing all it’s intraday gains and then pulled it into the red.
Battle was nice as market traded in the red most of the times in the afternoon but showed several attempts to
pull back into the green. But every attempt were used by the bears to further increase selling pressure on the
market and finally market closed at 5458.95 after touching an intraday low of 5441.95 which was exactly -157.30
from the top of the day.
Looking on technical side of the market this was looking to be a possibility as market was trading far away from
Nifty intraday support level of 5488.5 while Nifty resistance for intraday was also at a good distance at 5629.4
Nifty did make an attempt initially but failed to cross 5600 by just a whisker and there after bears were took
over the charge and it was a complete meltdown for the Indian market today. Once Nifty support of 5488.5 was
taken out it was looking certain that market might test intraday target of 5451.2 and Nifty did that by touching
an intraday low of 5441.95 before closing at 5458.95
For Monday market need to stay above it’s crucial next support of 5428 for market sentiments to improve from
disaster of Friday staying below 5428 may again see selling pressure in the market on Monday.
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