Market Outlook for 22 July 2016

Categories: Daily Market Outlook
July 22, 2016Posted By Admin

Nifty formed Bearish Engulfing pattern on daily candlestick charts yesterday indicating surge in bearing sentiments. European and US markets ended lower. Asian markets are trading lower with Nikkei down 0.9%, Hang Seng down by 0.4% and Taiwan down by 0.3%.

SGX Nifty was trading 11 points up at 8534 indicating a flat to positive opening. It will be difficult for bulls to take the markets higher and any move below 8476 levels on Nifty spot may trigger fresh selling.