Markets break support but no signs of any strong selling. Closing was actually bullish!
Overall this is surprising considering that ITC was down 6% - since this stock has a weight of 8.4% in the
nifty, a drop of 6% implies a min fall of 50% in nifty. Since this did not happen, it means there was a lot of buying in other heavy weight stocks.
NITFY chart...
ITC chart... note that the first signal came much before in jid MAY and this was one of the earliest heavyweight stocks to start correcting.
Overall this is surprising considering that ITC was down 6% - since this stock has a weight of 8.4% in the
nifty, a drop of 6% implies a min fall of 50% in nifty. Since this did not happen, it means there was a lot of buying in other heavy weight stocks.
NITFY chart...
ITC chart... note that the first signal came much before in jid MAY and this was one of the earliest heavyweight stocks to start correcting.
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