MUMBAI: Key indices slipped back to initial lows after briefly trading in the green weighed down by negative global cues and as fears of an interest rate hike in the midst of slowing economic growth worried investors. Also bothering the market is the rise in crude oil prices which stokes inflation. Lack of interest from foreign institutions only added to the woes.
"On Monday, the market closed sharply lower on weak global cues and record high crude oil prices. The Nifty broke the 4,500 mark for the first time this year, making a new year low of 4,448.05 intra day, and ended at a new yearly closing low of 4,500.95. Nifty is expected to be bearish in short term; technical charts indicate more downside. The supports are at 4448, 4324 and 4200. Resistance is faced at 4560, 4600, 4731, 4780 and 4817,” Suresh Kumar Iyer, technical analyst at Asit C Mehta Investment Interrmediates.
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