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REC Ltd witnessing sharp selling pressure from last few days, technical indicates that stock is trading below 200 days moving average so as long as it trades below bears will be favored.
Currently stock is also finding strong trend line support at current levels, as long as it holds above bulls have some scope of bounce back but if REC Ltd closes and holds below its previous bottom as shown in above technical image then further round of selling can be seen in coming days.
Stock major trend indicator like "MACD" and "Stochastic Oscillator" is moving in a negative as shown in above graph this too indicates is stock breaks its support then weakness expecting. Read more free share market tips.
Indian stock market extend its losses midcap, smallcap stocks under perform. BSE-Sensex slipped 172.65 points to 26544.72 and Nse Nifty declined 62.60 points to 8034.40. Till 12:30 pm 761 shares advanced and 1585 shares declined and 148 unchanged.
CNX IT Index is currently witnessing selling pressure from 23.6% fibonacci retracement technical indicates as long as index holds below its resistance zone bears will be favored and further price fall can be seen in coming days.
Even index major trend indicator "MACD" indicates that index is trading below level zero and so far moving in negative zone this will favor bears. Index has also shown long bearish candle this shows bears are currently active.
On down side close watch index will find strong support at its previous bottom as shown in above graph, technical indicates if index takes support at its previous bottom then we can see some bounce back but if index failed to holds above its trend line and closes below then further round of bears can be seen in CNX IT Index.
As per today trading point of view index is up by 1.76% up by 192.90 pts trading at 11131.65 at 10:38 am. Stock which are contributing in cnx it are TCS, Infosys, HCL Technologies and Wipro Ltd.
Nifty futures witnessed on of the sharp fall for year 2015 its mainly because of block deals and foreigners sold the contracts from last couple of days. Overseas investors too sell with a combined $475 million of local shares.
As per candlestick studies nifty futures has shown long bearish candle this indicates bears will be favored in coming days and further fall can be seen.
Nifty futures also trading below its important support zone i.e 200 days moving average this indicates as long as nifty trades below 200 DMA bears will be favored. Suggested article - nifty futures trading guide.
Even nifty major technical trend indicator "MACD" is moving in a negative zone this too indicates bears will be favored.
On down side Nifty will find strong tend line support at its previous bottom, if nifty takes this support then we can see some bounce back but if it closes and holds below its previous bottom then further price fall can be seen in next few days.
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