The SGX Nifty Future is trading at 11,602.50 with a loss of -1.82% percent or -215.00 point. The Nikkei 225 Future is trading at 21,558.00 up with +0.13% percent or +28.00 point.The Hang Seng Future is trading at 28,327.00 with a loss of -1.57% percent or -453.00 point.
TODAY’S FACTORS AND EVENTS
After showing choppy trading in the previous 5-6 days, the Nifty finally gave up its effort to scale up on Friday and witnessed a sharp crack by around 135 points on the day of the budget. A long negative candle was formed on Friday that has engulfed previous four session’s high-low range. This pattern signals formation of a bearish engulfing candle. Technically, formation of important swing high during important events like budget needs to be watched carefully.
What is in store: On weekly charts, a small body negative candle was formed with a long upper shadow. Technically, this formation signals a bearish shooting star type pattern, but not a classical one. The recent upside bounce seems to have completed and a formation of long upper shadow in the last two weeks’ candles indicates emergence of selling pressure at the highs
WORLD MARKETS
For the day the Dow is trading at 26,922.12 with a loss of -0.16% percent or -43.88 point. The S&P 500 is trading at 2,990.41 with a loss of -0.18% percent or -5.41 point. The Nasdaq Composite is trading at 8,161.79 with a loss of -0.10% percent or -8.44 point.
In other parts of world, Japan’s Nikkei 225 is trading at 21,534.35 with a loss of -0.98% percent or -212.03 point. Hong Kong’s Hang Seng is trading at 28,287.67 with a loss of -1.69% percent or -487.16 point. China’s Shanghai Composite is trading at 2,933.36 with a loss of -2.58% percent or -77.70 point. India’s BSE Sensex is trading at 38,884.70 with a loss of -1.59% percent or -628.69 point at 12:15 PM.