Nifty Outlook By Epic Research

A bearish piercing pattern post a reversal sends an complete outright bearish signal for traders on expiry day. Nifty was able to clinch around 66% rollover, at par with its previous month while a tad below its 6 month average. (till 2 PM). A complete grip of bears was seen on market with many indices and sectors showing negative breadth as decliners took a toll on overall gains.

As it was expiry day, volatility was much expected and Nifty was seen inching above 11750 but was not able to sustain the same. With Crude oil trading at 5 month high and Dollar strengthening against INR and other worlds leading basket of currencies, It is very difficult for market to sustain above 11800 with good breadth. We are also seeing VIX at elevated levels and is sustaining above 20 mark. This is also worrying since it indicates that there is a fear in market and its undertone. We will also be having some important data such as Fiscal deficit and also Infrastructure output in coming week. Though, it is the elections and its final result assumptions that is keeping investors on toes.

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