Nifty closed the day with a more than 1% cut and 46 stocks out of the Nifty 50 were in the red for the day. There was across the board selling in all sectors. CNXIT was the only saving grace which closed with a cut of 0.25%.
As we have discussed in our Weekly Nifty Update – 14 June 2019 (Click here), the balance of power has tilted on the bearish side by the end of the last week. After today’s selloff, Nifty has reached the 11550-11650 range which may produce some kind of a sideways action, but lower prices are coming. The weekly charts are turning around slowly on the bearish side.
The Wedge target was achieved today. The zone marked within the red rectangle can provide some support / ranging action. But with INDIAVIX only 5% up @ 14.62 the fear is still missing. Expect lower prices as we have explained in our Monthly Wrap May 2019 – Book Profit, Stay in cash (Click here)
Trade safely, tomorrow is just another day