Market setup: Tuesday's trade will test market's near-term texture
The Nifty managed to defend the 200-day moving average (DMA) yesterday, on April 18, 2022 which presented the bulls with some hope.
The Nifty managed to defend the 200-day moving average (DMA) yesterday, on April 18, 2022 which presented the bulls with some hope. Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 27 points today. The Nifty futures were trading around 17,253 levels on the Singaporean exchange.
Today’s risk reward is just to put some leap of faith in the 200-DMA and try to see if that works.
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Large FII selling is mostly concentrated in three stocks - Infosys, HDFC Bank and HDFC. So short covering aside, the select blue chips now put quite a bit of pressure on the market. IT and HDFC twins are weak and together these stocks account for 33 percent weight in the Nifty. This will test the market’s texture today.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.
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