Out of 28 sectors/indices that we are monitoring 25 sectors, daily sentiment turned negative since last Wednesday and only 3 sectors (Media, Pharma, Realty) are holding with positive sentiment. And Most of the sectors which tested above 200 day MA got back below 200 MA last week. Currently sectors like pharma, FMCG, Fin Service are holding above 200MA.
Sensex in February month had lost almost 6.9% and this is the 6th consecutive month sensex is making lower lows and lower highs. And the current down slide from OCT 2015 had left 4 gaps left unfilled in Sensex around 27318, 25357, 24196, 23361. So are we testing the first gap zone 23361 this Budget 2016?
Last friday China Cuts the Interest rate for the sixth time in this year. Global Markets cheered on last friday. We could expect one more sentimental Gap Up on Monday in Nifty and Bank Nifty futures this attempt could try to close the professional gap created in Nifty Futures at 8358 and BankNifty Futures at 18240. SGX Nifty is already indicating a positive momentum. Both the daily Sentiment and Weekly Sentiment tends to remain positive.