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Market to break present range; as Nifty in ‘Tri-Star’ formation (IANS Special)
By Rohit Vaid
Mumbai, March 3 (IANS) Indo-Pak tensions, along with build-up of anxiety over the general elections and clamour around global growth concerns has culminated into a ‘Tri-Star’ formation on monthly technical charts which is expected to push the Indian equity markets out of the present trade range.
In market parlance, the ‘Tri-Star’ formation represents a technical pattern which generally culminates into reversal of a set trend. At present, Nifty50 has made this pattern on monthly charts.
In the past, a similar pattern was witnessed from August to November 2015 (four dojis instead of three). Post this pattern, the Nifty was pulled lower due to a sharp plunge in the Chinese markets and tensions between North Korea and South Korea.
Another instance of the pattern appeared between February and April 2004, ahead of the general elections in that year. In May, the Nifty sold off due to unexpected defeat of NDA government of that time.
Lately, the market sentiment has been impacted by heavy volatility due to corporate governance issues, liquidity crunch and default fears which have kept the market in a tight trading range.
According to senior market analysts, these factors have negated the positives like lower inflation, and relief measures from RBI as well as government and created a tri-star or three dojis pattern.
Currently, the Nifty shows three dojis in a sideways trend after a fall from the highs of 11,760 points.
“Global economic data appears to be a typical late cycle. This means many developed markets are either in a recession or close to one,” Sahil Kapoor, Chief Market Strategist-Research, Edelweiss Wealth Management.
“This global drag presents a burden on India’s growth as well. Add some apprehensions about what kind of government, majority or coalition, will India elect and you get an uncertain backdrop. Investors usually are fine with uncertain outcomes because they are always present.”
“But uncertainty which is systemic and tough be set into probabilities leads investors to wait and seek more clarity.”
According to Deepak Jasani, Head of Retail Research for HDFC Securities: “Three dojis are also known as Tristar Doji pattern. Normally this is an early signal of a sharp move or reversal. A break of the high or low of these three candles will signify a sharp breakout or breakdown.”
“In the present case these levels are 11,118 or 10,334 points. This pattern at the current juncture signifies uncertainty ahead of elections and also on growth concerns due to local and global factors.”
Last week, the broader NSE Nifty50 finished at 10,791.65, up just 67.25 points or 0.6 per cent from its previous week’s close.
“Oil’s pull back as well as China-US trade impasse has also been instrumental in keeping risk appetite on the check, ensuring that global cues gave scant support to bulls in attempts to shrug off the domestic troubles,” Anand James, Chief Market Strategist at Geojit.
“Tight trading ranges for extended period can mean only one thing, that they are about to be broken.”
(Rohit Vaid can be contacted at [email protected])
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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