The market has made a solid bearish candlestick pattern on both weekly and daily charts.
The market has been on a losing streak for the entire week on account of volatility on the global stage. The US market has been down for the most of the week, said Dinesh Rohira, Founder & CEO, 5nance.com.
Overall, the Indian market has been down for about 14 percent from its all-time high. We are looking at markets being volatile and negative in this week, Rohira added.
In the past week, IT was down by 5.7 percent and Pharma was down by 5.5 percent. People have been booking profits in these sectors, he said. The surprise positive has been the realty sector, which was up by a marginal 0.5 percent.
The market has made a solid bearish candlestick pattern on both weekly and daily charts. RSI is low around the 32 mark. MACD has also been below the signal line entire week, he highlighted.Upside resistance for Nifty is 10,320 whereas the downside looks to be 9,960 for this week.