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Motilal Oswal Report
Nifty started September series with some long positions. Index moved higher in first two sessions of the series. But it failed to sustain at higher levels and nosedived piercingly.
After three months of positive momentum, bulls lost their grip on the markets as index fell by 1000 points from its high of 11794.
Technically, during the series, Nifty gave a breakdown from a Head and Shoulder pattern on daily scale.
It negated its Higher Lows sequence of last five months and formed a Big Bearish candle on expiry to expiry chart.
Market breadth also turned in favour of the declining counters.
September expiry was majorly dominated by bears as index witnessed selling pressure on bounces. Due to sharp sell-off towards the fag end, index concluded the September series with loss of 6.52% against its August expiry close.
Except some gains in IT sector, all other sectoral indices concluded September series in red.
Among them, banking, financial services and metal counters were major draggers.
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