On the weekly price chart, the Nifty index formed a bearish ‘long-legged Doji’ kind of candlestick pattern suggesting indecision among traders on direction.
Long-term investors could use the dip to buy quality stocks on declines but for traders, the tide has turned from buy on dips to sell on rallies.
Bulls have one more reason to worry as the Moving Average Convergence and Divergence, popularly known as MACD, gave a 'sell' signal on the daily charts for the first time since June.
Incremental buying will continue as long as Nifty holds 9,100 mark into the expiry of March series derivative expiry
Geojit Comtrade has come out with its report on pepper, sugar and gur. The research firm has recommended to buy sugar on dips, pepper above Rs 43100 and gur above Rs 1212, in its report dated September 05, 2012.