I couldn't have been more wrong last fortnight, as Santa played truant. I had expected the markets to soar, as the Nifty had rebounded from the neckline of the inverse Head & Shoulders pattern on December 13 and recorded its highest close since October 21.
The markets took a sharp U-turn for the worse from December 16, continuing to slump each day and losing 1,231 points (4.97%) in the first week of the fortnight. Last week, it recouped 351 points intraday but ended with a gain of 226 points (0.96%). The Nifty at 23,813 is now below all its key averages, be it the 10, 20, 50, 100 or 200 days simple moving average.
There were only four trading sessions last week and all the trading took place in the shadow of the large candle that was made the previous week on December 20.
This story is from the December 30, 2024 edition of Financial Express Chandigarh.
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This story is from the December 30, 2024 edition of Financial Express Chandigarh.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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emissary he had deployed. Although sceptical, I bounded off to North Block and was ushered in. It was my first official meeting with the FM. I conveyed the request, not a direction, of the prime minister.
