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Today Nifty likely to enter risk-off mode

The market created a fresh 52-week high last week on the back of a stellar performance of heavyweights such as ICICI Bank standalone and the Bank Nifty. Nonetheless, the later part of the week saw a correction in the other heavyweight’s pack that dragged down the index to close down below the 9,300 mark.

The macro-technical alert in the form of break in international commodities that was raised seems to have acted, to say the least. This brings us to the juncture, where a risk-off status may set in for next few days.

This may set into a correction towards 9,190 levels, followed by the 6-week lower placed at 9,020. After a stellar move seen in the past few weeks, the profit booking in the heavyweights is certainly welcome; though it seems quite evenly balanced.

Read More –Nifty Updates

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Today Nifty likely to enter risk-off mode


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