Bears dominate the market! Nifty down by a per cent; Reliance and Kotak Mahindra drag Nifty

Karan Dsij
/ Categories: Trending, Mkt Commentary
Bears dominate the market! Nifty down by a per cent; Reliance and Kotak Mahindra drag Nifty

Market update at 2.45 pm: Bears take control over Nifty as it is down by 180 points or 1 per cent. Sensex is below the 58,000 mark while the overall situation is getting worse.  

India VIX is up by 2 per cent. Advancing stocks have reduced to 1,000 and declining stocks are 830. Reliance and Kotak Mahindra Bank have lost more than 2.5 per cent. All the sectoral indices except Nifty Media are in red.  

It would now be important to see where Nifty closes the week. 

Stay tuned for more such updates!


Market update at 1 pm: Nifty is trading lower by 75 points or 0.43 per cent as the bears seem to dominate the market. Sensex is trading around 58,150 while Nifty Midcap and Smallcap indices are up by 0.3 per cent & 1 per cent, respectively.  

Among the sectoral indices, Nifty Metal, Nifty Realty, and Nifty Media are trading higher while the rest are in red. The advance-decline ratio currently stands at 1204:612 while India VIX has fallen about 1.5 per cent.  


Market update at 10.15 am: Nifty opened 23 points higher despite SGX Nifty indicating a lower opening. Soon, it tested the levels of 17,500 but fell sharply thereafter. Currently, it is trading below 17,400. The sectoral indices such as metal, FMCG, pharma & IT, all are witnessing the selling pressure. India VIX is down by a per cent. 

The precious metals are trading in the green while Crude oil is up by 2 per cent. About 1,165 shares have advanced whereas, 559 shares declined. 


The equity market bounced from the low after a sharp decline during the last week. During the last four trading sessions, Nifty formed higher lows and finally managed to close at the five-day high.  

On a weekly expiry day, Nifty went up by 234.75 points or 1.37 per cent and reclaimed the level of 17,400. All the sectors participated in Thursday's rally. The broader market indices and the positive market breadth show strength in the rally. After a Doji candle on Monday, Nifty was able to overcome the selling pressure of the last two days. It retraced above the 38.2 retracement level and is in a rally attempt mode. After over a 9 per cent fall, Nifty has recovered 3.73 per cent from the bottom and is up by 2.2 per cent from last week's close.  

Thursday's rally meets the follow-through day rules. The present retracement can continue for some more days. It can test the levels of 17,500 and 17,664 as long as it trades above the 17,260-324 zone of support. Nifty decisively closed above the 5 and 8-EMAs and formed a strong bullish candle by closing at the day's high. It also entered into the downward channel. On a 75-minute chart, Nifty has broken out of an ascending triangle with volume. The pattern target is almost 17,900. The 20-DMA is at Rs 17,656, which is near the 50 per cent retracement level. This may act as a short-term resistance level. For now, be with a positive bias; no more shorts as long as it trades above 17,324.

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