Moneycontrol
Last Updated : Jan 04, 2019 02:01 PM IST | Source: Moneycontrol.com

Buy or Sell | Market to be range-bound with negative bias, stay stock specific

The indices which did well were realty and pharma, while auto and metals have gone down.

The Indian markets couldn't sustain the momentum from recent highs. The Nifty moved down and breached the 200 DMA of about 10,740. The indices which did well were realty and pharma, up by about 0.5 percent and 0.6 percent while auto and metal have gone down by 4.5 percent.

The Nifty has formed a strong bearish candlestick pattern on the daily and weekly charts. There is significant amount of negative divergence.

"Expect the market to be range bound with negative bias on account of Q3 earnings. Remain stock specific. Resistance is at 10,923 and downside support is at 10,550 odd levels," said Dinesh Rohira, 5nance.com.
First Published on Jan 4, 2019 02:01 pm
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