Systematix Daily Market Updates: Domestic Markets: Trends on | Systematix Group Official

Systematix Daily Market Updates:

Domestic Markets:
Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 103 points. The Nifty futures were trading around 15,675 levels on the Singaporean exchange. Among sectors, the IT & Media indices have shown weakness and closed down by 4.12% & 3.97%. Media index has closed near 20 Simple DMA which is placed at 1899. Below this 100 simple WMA act as support which is reading at 1852 marks. All the sectoral indices ended in the red, with Nifty bank, auto, IT, metal and PSU bank falling 2-4% each. The BSE midcap shed 2.7 percent and the smallcap index lost 3%.

Global Markets:
The S&P 500 lost 149.91 points, or 3.85 percent, to end at 3,750.95 points, while the Nasdaq Composite lost 526.82 points, or 4.65 percent, to 10,813.20. The Dow Jones Industrial Average fell 857.70 points, or 2.73 percent, to 30,535.09. Japan was down 0.9 percent. Australian shares S&P/ASX200 sank 5 percent in early trade, while Japan's Nikkei stock index was down 1.74 percent.

Technical Outlook:
The market witnessed a sharp selloff for the second consecutive day the benchmark indices falling more than 2.5%. in this process it has formed big bearish body candlestick pattern with lower shadow. It has been trading below all key moving averages in daily chart which shows short to long term trend is negative. On upper sided unfilled gap between 16172 to 15886 is big hurdle for bull. As per the pivot charts, the key support level for the Nifty is placed at 15697, followed by 15673. If the index moves up, the key resistance levels to watch out for are 15852 and 15875.