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Nifty tanks on P-note worries

By Religare
|

Indian indices ended lower for the third consecutive session, marking their lowest close in more than four weeks, as the investors sentiments were dampened amid concerns over SIT's recommendation of stricter norms for participatory notes (P-notes) coupled with tepid Q1 earnings reports from several blue chip companies.

Nifty future contract expiring on 30th July 2015 fell 1.89percent or 161.55pts to close at 8361.00, with premium of 11.8points and open interest decreased by 10.05percent. On daily charts, Nifty has made a sizable bearish candle with almost shaven top and shaven bottom, suggesting that bears are in commanding position in the market. The index traded and closed below the bearish gap of 22 points (8514-8492), confirming it as its immediate technical resistance.

 

So, traders are advised to every rise to create fresh short positions. Moreover, Medium term trend will remain positive till it is trading above the bullish breakaway gap of 6 points (8251-8257) opened on 22nd June, which would act as an immediate support zone.

Story first published: Monday, July 27, 2015, 23:00 [IST]
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