The broader market has been hitting record highs consistently, valuations seem to have hit the peak and a near-term correction could well be in the offing.
A ‘Bearish Engulfing Pattern’ is a two-candlestick pattern, wherein a small green candlestick, followed by a large red candlestick which ‘engulfs’ green one.
Reacting to the earnings, shares of HDFC Bank slipped marginally after NPAs rose during the quarter. The stock rose nearly 7 per cent in July ahead of results.
The maximum Put open interest of 61.14L contracts still stands at strike price 8,400, which will act as key support for the Nifty.
The rally was largely supported by global cues and hopes of the passage of GST bill in the monsoon session. The next big question is: Will the rally sustain?
Traders holding long positions should continue to hold them and wait for a breakout above the 8,590-8,600 level to initiate further long positions, experts said.
PSBs have been on a rollercoaster ride ever since the Brexit vote on hope of capital infusion by the government and further easing of monetary policy by RBI.
Aberdeen is one of the largest foreign institutional investor investing in the Indian equity market. Its India fund has an asset base of $784.3 million.
June quarter results have failed to cheer the market so far, which has started reflecting on market movement, but individual stocks continue to hog limelight.
If implemented, GST will have a far-reaching effect on India Inc and the broader economy. But might take at least 2 years to show the results, says Agrawal.
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