Business
Nifty failed to sustain above previous swing high and corrected sharply in the last two sessions, which is a negative sign for the market
Updated : Dec 26, 2018, 06:10 AM IST
Heavy writing in Nifty call options and unwinding from put writers indicates further weakness in the market in the remaining two sessions of December series.
Stocks like HDFC Bank, L&T, Reliance Capital, Havells and Glenmark may show some selling pressure. While, buying interest can be there in Tata Global, PEL and some PSU Banking counters.
We may see a continuation in the ongoing negative momentum in Private Banking, Auto and Media space.
Nifty failed to sustain above previous swing high and corrected sharply in the last two sessions, which is a negative sign for the market. Also, the fall was supported by the short build-up in index futures, indicating further weakness in Nifty towards 10500 level in coming sessions.
Sharp selling pressure in the global bourses poked the bearish momentum in our domestic market too.
Jay Purohit, technical and derivatives analyst, Centrum Broking