Nifty plunges yet again !

On Friday, Nifty lost over 200 points ending below  8300 while the sensex lost over 650 as risk off trades re-spurred. Most the the selling was majorly due to demonetization which the Government ensued just a day before U.S election result to curb black money.
Sectors which saw a good crack were IT , Financials, Auto, Oil and Gas, Consumer goods and Realty.
Pharma was again the top performing sector with Metals not falling much due to Trump’s policies over Infrastructure spends and Biotechnology.

Point to notice – Nifty again reversed from its 8600 levels from where the initial fall had started thus pointing that the expansionary movement is set to be on the down side. It failed to hold 8360 mark which was one of the crucial supports only broken intraday on the extremely volatile election day.
On such a down day , Pharma sector was still battling for the bulls, with metal stocks supporting by not falling much due to metal prices trading at high levels fueled by sentiments from the election result on the commodities front.

From above it can be perceived that a retest of 200 DMA near 8100 levels might be on the cards yet again after the unexpected global rally on the upside.


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