Market cautious ahead of MPC meet

Techni-cally, it seems that the market is going to consolidate ahead of the announcement of credit policy which is due on 5th December. Nifty should remain between the range of 11900 and 12150 and our strategy should be to byhuy on dips,' said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities. 'Technically, Nifty made a lower highs for third consecutive session and formed a red body candle on daily chart. On hourly chart, we witnessed Head & Shoulder pattern breakdown; however, it is hovering around lower end of a Rising Channel. The momentum oscillator RSI indicates a negative divergence on daily chart and till the time, Nifty sustains below 12000 - 12025 zone, we may see a profit booking move towards 11850 - 11800 levels. On the flipside, 12158 levels remains major hurdle for the index,' Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Private Ltd. Market View Foreign institutional investors sold shares worth Rs 1,731.33 crore in the capital market in the previous session. "Domestic markets remained muted on account of downbeat global sentiments after US reinstated tariffs on Argentina and Brazil and threatened even harsher penalties on dozens of popular French products" said Paras Bothra, President of Equity Research, Ashika Stock Broking. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Deccan Chroniclehttps://www.sbnation.com/users/repentkentop

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