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Market Watch 6th Feb(Wednesday)

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Market Watch 6th Feb(Wednesday)
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CMP: -1139.72 Nepse

The pivot table for tomorrow (24rd Magh)

S3           

S2

S1

P

R1

R2

R3

1126.47

1132.47

1136.1

1142.1

1145.73

1151.73

1155.36

 

 

 

 

Today’s (23rd Magh) volume: Rs 23.56 crores

Yesterdays (22nd Magh) volume   : Rs 23.10crores

 

The Trading volume:

 

Today’s trading volume Rs 23.56 crores has been increased as compared to yesterday’s trading volume of Rs 23.1Crores. Indication seems tomorrow market won’t be ready for the further slide or market may show saturation at the lower support.

Commentary:

  • Market dropped below todays Pivot of 1148 although it opened higher than pivot, This may be due to the lower trading volume yesterday.
  • Current market price 1139.72is lower than tomorrows pivot 1142.10
  • Today market traded in higher  volume than the yesterdays.

Recommendations:

  • Market seems finding the monthly support of Magh so below 1140 to 1127 is a buying zone for short term which may give exit in next week or next month.
  • Market may give a buy point around 1136 and rise for short term.
  • Conventional buyer’s day seems arrived. Market at bottom for n-period always is not possible.

Fundamental Outlook:

  • The higher side of rate of interest from the bank and the liquidity impact has been a talk of economy for recent few days, but still its hot talk to impact stock market.
  • Businessmen and enterprises are against higher interest rates and ready to boycott the banks????            
  • Government either does not seem willing to interfere the current market price or is not ready to understand the impact of low price in the economy. May be poor government may not have interfering tools in hand to interfere the market.

Happy Trading……..!!!!!

Nepse Daily Candle Chart Illustrates:

  1. Longer red body today as market slide.
  2. Support for tomorrow at 1136 level.

Sensitive index daily candle chart

 

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