Nifty 150 points down profit booking

[aakathaai333]

Is on the way 

[Kool_SRG]

@aakathaai_new  I'd hush fatak ah..

[BaabuBangaram]

1000 points up ayyaka......150 points correction common ye...but PSU banks not supporting

[Kool_SRG]

Sensex falls 500 pts after spectacular rally; 5 factors weighing on markets

Finally bears took control of the Dalal Street and the Nifty formed bearish candle on daily charts today. After a 2-day rally, bears took charge of Dala Street, driving Sensex 500 points lower and Nifty below 11,500 levels

[Kool_SRG]

Here are five key factors weighing on the market:

Political uncertainty in US

Global sentiments turned negative after US lawmakers, on September 24, called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world's largest economy.

The dramatic move by House of Representatives Democrats dented investors' sentiment which was already shaken by fresh US-China trade worries.

Nancy Pelosi, the speaker of the House of Representatives, said that Trump betrayed his oath of office by seeking help from a foreign power to hurt Democratic rival Joe Biden.

Trump had reportedly attempted to pressure the incoming president of Ukraine, Volodymyr Zelensky, to open a corruption investigation into Biden and Biden's son Hunter, who had done business in the Eastern European country.

However, Trump has denied the claims, saying he would release the full transcript of the controversial call. "I have authorized the release tomorrow of the complete, fully declassified and unredacted transcript of my phone conversation with President Zelensky of Ukraine," Trump said in a series of Tweets.

A Reuters report suggests that it is unlikely that the impeachment inquiry would lead to Trump's removal from office.

Globally, markets were caught in a bear trap after this news. Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices ended 0.5-1.5 percent lower in previous session.

US Conference Board Consumer Confidence Index declined to 125.1 in September from 134.2 in August also weakened sentiment.

Rising Worries Over US-China Trade Deal

Asian markets also traded lower with China's Shanghai Composite falling 0.8 percent, Hong Kong's Hang Seng and South Korea's Kospi down over a percent each. Japan's Nikkei was down 0.4 percent.

The impeachment inquiry into President Donald Trump and rising worries over US-China trade deal have soured market sentiment.

Trump is hopeful about a deal but took a harsh tone about China's trade practices at the United Nations General Assembly, saying, he would not accept a 'bad deal' with Beijing. The comments come ahead of fresh talks between the world's largest economies in October.

In a reply, Chinese Foreign Minister and State Councilor Wang Yi said both countries should cooperate for mutual gain.

Since 2018, US and China have been applying tariffs on billions of dollars worth of each other's goods, which created uncertainty and raised worries over global growth concerns.

Further Sell-Off in Banks

Stocks like banking, financials and auto, which rallied the most after the September 20 announcements, continued to see selling pressure on profit booking. The Nifty Bank fell more than 2 percent in two straight sessions after rising 14 percent in previous two consecutive sessions. The Nifty PSU Bank fell the most among sectoral indices, losing nearly 4 percent.

The reason for the fall in banks shares could be fresh concerns in the sector after the irregularities in lending by Punjab and Maharashtra Cooperative Bank (PMC Bank). Underreporting of non-performing assets or higher than permitted exposure to same group accounts could have led RBI to take the step. An inspection is currently underway.

Bank of India, State Bank of India, Union Bank of India, Canara Bank, Bank of Baroda, PNB, Indian Bank, Allahabad Bank and OBC were down 2-5 percent while Kotak Mahindra Bank, HDFC Bank, ICICI Bank and Axis Bank were also under pressure.

Auto Stocks Under Pressure

Auto stocks were also under pressure today with Nifty Auto falling over 4 percent after Maruti Suzuki announced a further discount of up to Rs 5,000 on its vehicles following the corporate tax rate cut.

Passenger vehicles have been sold with around 3-5 percent discount and commercial vehicles at 10-20 percent discount. The current additional discount by Maruti to pass on benefits of corporate tax rate cut is with the intention to revive demand but if the additional discount fails to revive demand then there could be pressure on company's margin.

Technical View

The Nifty50 formed Doji pattern on September 24, following a Spinning Top formation in September 23. These candlesticks indicate indecisiveness in the market.

Bears finally took control of Dalal Street and the Nifty formed bearish candle on daily charts today.

"Last two sessions of indecisive price patterns are clearly suggesting that index might have hit a pause button to digest the recent euphoric gains. In terms of levels the bullish gap zone, registered on September 23, which is present between 11,471–11,381 levels shall remain critical support in the near term as breach of this on closing basis shall trigger a short term downswing," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

"Any dip in this zone, especially, close to 11,400 levels can be considered as an opportunity to create fresh longs. On the downsides a close below 11,382 may drag down the index towards 11,200 levels," he added.

[aakathaai333]

29 minutes ago, Kool_SRG said:

@aakathaai_new  I'd hush fatak ah..

Avnu annaai kottha ID tho vachaaka kottha battaleskunnantha aanandamga undi

[jeessy_bb]

8 minutes ago, aakathaai333 said:

Avnu annaai kottha ID tho vachaaka kottha battaleskunnantha aanandamga undi

Rey nee boyfriend ni pelli cheskunnava gay bapan ga

[Kool_SRG]

13 minutes ago, aakathaai333 said:

Avnu annaai kottha ID tho vachaaka kottha battaleskunnantha aanandamga undi

[aakathaai333]

18 minutes ago, jeessy_bb said:

Rey nee boyfriend ni pelli cheskunnava gay bapan ga

Cheskoledura vaadikante nuvve baga nachaavv neetho guddu pettinchaalani nee kuttha kootha kuyyinchaalani kuthuuhalamga unna