Readers
Markets tumbled on Friday responding to the lower than expected GDP growth forecast of of 5% which is one of the lowest estimate in past several years. Technicals were weak for past two weeks, which further accelerated the fall.
Many of my favourite trading stocks have their results day next week - Tata Steel, SBI and Tata Motors.
Overall Nifty is bearish with continuous falls for the past several sessions, ever since the fall was predicted here. Nifty could further slide down and post a weekly loss for the week ending 15 Feb. Read below for Technical Analysis.
Weekly Chart Observations.
MACD Negative Crossover
Stochastics bearish crossover
RSI sloping down
5825 –30 is possible in weekly charts
Daily Chart Observations.
Nifty below 50 day moving average
RSI below 30, as of now no signs of bounce back.
Friday fall under increased volume in daily charts
5854-5840- 5816 is possible as per daily charts
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