US Stock Reports, Quotes and News
Rallies in the markets may not present a clear picture of certain key developments. This is the very nature of the markets. A little bit of digging helps reveal stories which may not be apparent in the broad sentiment which engulfs the markets.
Going ahead, 22,500 level remains a significant resistance on the monthly expiry day, but a sustained trade above 22,500-22,550 could trigger further upward movement, potentially driven by contract adjustments.
A series of resistance could be seen from 22,150-22,200, followed by the 20 DEMA at 22,300 zone. The undertone certainly favours the bears now and any rise should be seen as an opportunity to either exit longs or to look for bearish bets in the index.
Indian shares fell on Monday, following losses in Asian markets, as investor sentiment was subdued after Iran\’s retaliatory attack on Israel over the weekend spurred fears of a wider regional conflict. The NSE Nifty 50 fell 1.1% to 22,272, while the S&P BSE Sensex lost 1.14% to 73,399, at close.
Nifty on Friday ended 234 points lower to form a Doji candle on the weekly scale. On the daily charts, the index closed below the lows of the previous three sessions, indicating weakness. The index is in the process of retracing the rise it has witnessed from 22,710 – 22,776.