Stock market opened positive at 5750 but immediately snapped its gain and was trading below its closing price and Stock market failed to recover and was slowly losing its ground and was weak in entire session and never recovered .All the triggers were there for the Stock market but it failed to take cue clearly telling that weakness will be there going forward and Stock market will be volatile in the next week.
Dollar to rupee
dollar to rupee was in a weak spot closing at all time high of 61.1 and these signifies weakness in dollar to rupee and this is the main reason for weakness in stock market today and in tomorrow’s trade resistance will be at 60.25 for dollar to rupee and support is not there as it is uncharted territory. And dollar to rupee will be volatile in the entire Week.
Nifty Candlestick Chart
Nifty today has closed near the crucial support level of 5675 which is strong support level if this breaks next support will come at 5600 and 5740 is strong resistance
Stock Market Indices
Bank nifty has started to consolidate at these levels suggesting that it has formed a base and support will be at 9865 and resistance will be at 10300.and for bank nifty to get back into a uptrend then the closing should be at 10600 levels.
CNX IT Index is in a strong uptrend and the above 7650 this will be strong and has consolidated at these levels and we can expect no change in the trend expect for rupee strengthening
CNX Metal index after forming a bearish counter attack pattern yesterday has continued its downtrend again and closed at 1640 levels and this index will be weak until it closes above 1665 levels .
CNX Energy Index has again continued it downfall today and it will be consolidating at these levels and 7800 will be resistance and support will be at 7450.
CNX Mid-cap Index is still weak and has closed below 6750 and for any uptrend to come back in the index it has to close above these levels.
CNX Small Cap index is consistently going down without any recovery and bellow 2775 level this will be weak.