Nifty is showing the weakness since last month. We has some sharp recovery kind of move on the way but overall market is hasn't turned positive since then. Nifty is about to touch the 5167 support line. We dont know if it is just a test of about to break that support tomorrow. I can see that it is going down with little lower volume but that is not a major thing in the market as we have huge weakness in late Feb.
Market has lost its relative strength in last month and I don't see any improvement in it.
Today we have bit negative push in the market. Breadth is really weak and looking at it either we can get closing in this region of much lower tomorrow. Chances of going high is less at this point.
Overbought/oversold ratio turned sharply to negative side which is showing real weakness in this market.
Looking at above situation, I believe market is heading towards 4900 in next couple of weeks until we get deep buyers coming in this market .........
I am going to wait and see how NIFTY behaves at 5167 and then will decide on trading opportunity. For now better strategy to look for very weak stock and short them for daytrading but for longer term its not a good time to make any decision.....
Weak: ivrclinfra, hdil,cipla,idfc,lupin,rcom,
Strong: bpcl, voltas,
Good price; ktkbank, axixbank, m&M,maruti, sintex,punjlloyd,vijayabank,lt, dlf,
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