The underlying sentiment in the market is negative which is an outcome of multiple factors. The global markets are oscillating at new all-time highs specifically the S&P and Dow while Asian markets were also positive. The domestic cues somehow have not supported the market and that is what is causing the current trend.
The Volatility index has seen a sharp upmove which was up almost 6% and coupled with that Nifty has seen a breakdown from a Flag pattern which is a trend continuation pattern. A bearish flag has marked much lower levels for Index in the coming week.
The slowing economy concerns were further heightened as consumer good sales in Rural areas have slowed down. This is a major concern at the moment since the government’s focus is now to improve the rural demand and improve expenditure. With that, The monsoon has been dull till now and has been much lower than expected.
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