DECLINE CONTINUED IN THE MARKET AT AN INCREASED PACE

NIFTY:

The NIFTY opened at 17877.30 with a gap down of just 14 points. The index started drifting downwards from its opening tick and recorded its intraday high at 17884.75 in its initial trades. Prices have seen a sharp decline and went below 17800. The index kept on sliding lower and prices went below 17500 to record its intraday low at 17493.55.The index found support there and then started moving sideways which lasted till the end. The NIFTY finally closed at 17604.35 with a loss of 287.60points or 1.61% down. METAL and OIL GAS underperformed today and ended lower by more than 5% followed by BANK which ended with a loss of over 1% AUTO outperformed today and gained more than 1% followed by PHARMA and FMCG. The trend is down now. The NIFTY broke down from a wide trading range within 17800-18250 zones. This breakdown is giving us a pattern target around 17400 which we are considering reaching as the index already moved below 17500 today. The INDIA VIX, a benchmark index for volatility is rising significantly and today it crossed level 17 indicating a wide swing during the day. It could result in a whipsaw for traders so it is best to step aside and avoid trading the index. We will plan our traders after the Union Budget 2023. Till then avoid trading the index.

BANK NIFTY:

the BANK NIFTY opened at 41382.35 with a big gap down of 305 points. The index continued its bearish momentum and continued moving lower after recording its intraday high at 41417.90. Prices have kept on sliding lower for the whole day, recorded its intraday low at 40148.80 and finally closed at 40365.30 with a big loss of 1322 points. PSU BANK index has significantly under performed today saw a sharp intraday decline and closed lower by more than 5%. PVT BAN has also moved down today and ended with a loss of 2.69%. Within the index, in terms of points, ICICI BANK contributed the highest on the downside followed by HDFC BANKBANK NIFTY continued moving lower with increased momentum and saw a sharp intraday decline after opening with a gap down. It was again a trend day today on the downside where prices have recorded its intraday high near the opening tick and intraday low near its closing tick. The short-term trend is now down. A trading range within 41700-43500 was broken down decisively and prices almost met with its pattern target around 40000. The volatility is also rising indicating sharp and sudden intraday movements. We are in front of a big news event which is Union Budget 2023. It is wise to stay away from the market in such an environment. We should trade after the news event.

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