MARKET MOVES
We had a very bearish move for the Nifty on Thursday, as the markets lost 189 points in a day. Hence, for the rest of this week we made some bearish moves for our markets, including the bearish move on Wednesday. The markets, thus closed at 5120 levels, (-3.70 %) below its previous week''s close. Hence, we have now consecutively closed negative for the past five weeks. The market breadth was also negative throughout the week. We had the BSE CONSUMER DURABLES, BSE BANKEX and BSE AUTO Indices making bearish moves for the last week.
MARKETS AHEAD
We can observe for the Nifty on the daily charts, that the markets have broken below its strong support at 5300 levels. We can also notice that the markets are having its next support at 5000 levels, which could be tested in the short term. Simultaneously, we can notice on the monthly charts that the markets had fallen in January with heavy volumes, which indicates that there could be some more weakness in the short term.Therefore, we can expect our markets to trade in a lower range between 4900-5200 levels in the short term.
SECTORAL INDICES
BSE CONSUMER DURABLES (4737)
The BSE CONSUMER DURABLES Sector has closed at 4737 levels last week, which is (-7.13%) below its previous week''s close. We can also notice on the daily charts that we have a minor support at 4600 levels, which is likely to be tested in the short term. Hence, we expect this sector to move slightly lower to 4500 levels in the short term. We recommend a sell in Videocon Ind. and Titan Ind. in this sector.
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