Today is an excellent example of how the markets can change in a few hours! Nifty gapped up by more than a 100 points at open (9109) and closed almost a per cent in the RED at 8922.65 spot, taking out gains of almost last 2 trading sessions. Honestly, this was not foreseen today morning, however it could be a welcome corrective fall that was expected any time. Focus turns on 8840 levels now which is the fibonacci 0.618 support and a potential reversal point. Only a break below 8669 could indicate that the indice is setting up for a deeper correction.
All sectorial indices closed in the red except the FMCG, which closed higher by 0.40%. Bank Nifty was down -1.59% at 19643, Auto Sector closed at 8777.85, (-0.69%), Energy Sector at (-1.31%), Energy (-1.31%) and IT closed at (-0.97%). Daily charts have produced a huge engulfing bearish candlestick pattern indicating a possibility of a deeper correction within the religious up trend.
Have a Great Day Ahead!