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Sensex (36473) / Nifty (10741)
Yesterday as indicated by SGX Nifty our markets started on a mild negative note which was then followed by sell-off that continued throughout the session. On the weekly options expiry day, Intraday bounce got sold into and Index eventually ended with a loss of 1.62% at 10741.
On the daily chart, Index after consolidating within the trading range of 13th August for five consecutive sessions eventually broke the range on the downside which triggered a sharp selloff breaking major support levels with ease. Index has now broken below previous swing low of 10782 and the momentum is strongly gripped by bears. Having said that traders are advised not to be aggressive on short positions as the oscillators are placed in deep oversold zone and we are witnessing PRZ (Potential Reversal Zone) of a harmonic pattern in the range 10700 - 10740 which may trigger in between sharp bounce. As far as resistance is concerned 10800 - 10845 can now act as an immediate hurdle. Traders are advised to keep positions light and avoid undue risk.
Nifty Bank Outlook - (27034)
The Nifty Bank index opened marginally lower in yesterday's session. With open high same, the index witnessed selling pressure and it crept lower throughout the session to end with a loss of almost 700 points.
The index continued the negative momentum in yesterday's session and even breached the swing low of 5th August. The momentum continues to be negative as many of the names from the sector witnessed deep cuts. The near term support for the index is now placed in the range of 26750-26650 which is the PRZ (Potential Reversal Zone) of a harmonic pattern. The index could witness a pullback move from the mentioned support and hence traders should be vigilant on the mentioned range. On the flipside, the immediate resistances for the index are seen around 27350 and 27535.
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