This is the right time to sell, rupee’s fall and narrowing the current account deficit, failed to cheer investors to boost up the sentiments. Nifty trading below 50MA (moving average) which depicts bears overpower bulls.We have not seen any support in the market. Look at Nifty Daily and Weekly Charts.
On daily chart Nifty is trading below all major moving averages like 20,50,100 MA. On Weekly chart Nifty trading below its 20MA, Bearish engulfing top pattern has been formed on Nifty monthly chart and also other indicators like MACD, Stochastic showing we will see more pain in the market in coming days.
There are 31 stocks of Nifty 50 are trading below 50 Day Moving Average on daily chart.
We strongly recommend to close all long position and keep away from the market. Do not buy on decline till 2019 general election in India, which will held in April or May,2019.
We are seeing Nifty Index at 10000 levels or may hit 9700 or 9200 levels soon.
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