Indian shares slumped on Tuesday amid fears over contraction of growth in the near term post demonetisation while rising US bond yields sparked concerns over foreign capital outflows.
Markets fell sharply, on expectations that there will be an impact on the consumption sector because of the Government’s demonetization drive. Banking stocks did well on expectations of a reduction in cost due to the significant increase in the deposits of the banks. The recent initiatives from the Government will likely provide some headwinds to the economic growth in the short term but will accelerate growth in the long term. The longer term scenario for equity markets has turned bullish and it will likely become one of the better performing asset classes over the medium term.
Foreign institutional investors were sellers in equities worth over Rs 4,000 crore in the past three trading sessions. On Friday, they sold shares worth Rs 1,493 crore, as per provisional stock exchange data. Consumption-led sectors such as fast moving consumer goods and consumer discretionary were the most hit because cash comprises a significant percentage of the transacted value while non-banking finance companies and realty sectors were also among signifcant losers.
>>> Nifty Hourly Chart <<<
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No Respected for Support - Since the Demonetisation Issue Panicking the Entire Stock Market. Almost all the indicators have bottomed out and Price are slowly dipping shows the Strength of Bear.
Above chart - Shows the Importance of 8130 and last Two candles touched 8093 without much strength gives some hope for bulls.
>>> Apollo Tyres - Hourly Chart <<<
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Looks like Price bottomed @ 182 and we have re-entered long for a good bounce. Cheers!!!
