Daily Nifty Update – 12 June 2019

 

Nifty Bears dominated the markets aided by weak local and global cues. Economy facing sectors sold off from the morning, metals and energy stocks like Tata Steel, Gail, ONGC, and Vedanta were the top performers for the day. IBULHSGFIN again lost 8% today. 

 

NSE Sectors (Source:NSE)

 

The status quo is maintained. 11800 -12000 Nifty range is still holding. One small negative is the PPO position which normally is not a good sign of a strong market. 

 

Nifty Daily

 

The steep rising trendline was broken and the last top at 12000 can be taken as a lower top compared to the 12100 high formed on the 4th of this month. A close above 12000 will negate the short term bearish outlook. 

 

 

Nifty Hourly

 

 

The previous low on the AD line was just broken. In the last year, there were two more instances where the break in the previous low have triggered a decent correction in the NIfty.

 

(Source: Traders Cockpit)

 

 

Trade safely, tomorrow is just another day

 

 

 

Daily Nifty Update – 12 June 2019
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