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.
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.
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.
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.
Trade safely, tomorrow is just another day