Analysis of Indian Stock Market for 1st Oct, 2019

As we had been saying that markets are taking time to consolidate, well, the consolidation is happening though cash stocks which have any linkage with doubtful reality are being hammered. As far as Nifty or Banknifty is concerned, it is expected that it should take a bounce now which happened in Nifty. For tuesday, it is expected that markets should start to recover now as the percentage is 50% which is neutral. So a rally on tuesday should come else it will be a breakdown of the uptrend. But overall these moves will happen intraday only. We would wait for the first sign of a buy in Banknifty intraday to go long.

The broader trend of cash stocks is seen by the percentage number of stocks which are above important support levels. Currently there are  50% of stocks which are above support and 50% stocks are below support.  When stocks above support are below 50% we consider cash stocks to be in downtrend and above 50% we consider cash stocks to be in uptrend. This percentage when comes below 10%, we consider the markets as quite oversold  and when it is above 90% as quite overbought.
For personal consultancy on Nifty, Banknifty or Stocks you may email to neera@crnindia.com

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Thanks.
neera@crnindia.com

Disclaimer: Trading is risky and their is every chance of losing all your money.