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Episode 2147, Jan 23, 2020, 12:30 AM
The Indian market began the week on a depressing note amid disappointing Q3 numbers and subdued global cues.
Indian bourses extended the losing streak and closed the shop in red for three straight days.
During this week so far, Nifty has already lost almost 2 percent and is looking weak.
On the weekly chart, the benchmark index has formed bearish engulfing pattern, and to negate that formation, Nifty needs to rally almost 200 points in the coming two trading sessions.
The index, after a gap up opening, witnessed a sharp selloff through the day and closed below 12,200-mark on January 22, which is below the 21-day exponential moving average.
Negative technical indicator and bearish market breadth signal the probability of a further decline in the index.
At the current juncture, Bank Nifty has given a breakout of a bearish classical Head & Shoulder pattern and the index is currently trading below its neckline on a daily scale.