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
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.