Market Wrap Up : The market's future trajectory will continue to depend on the developments in global bourses Say`s Rajesh Bhosale, Angel One Ltd
Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd
Following the negative impact carried over from the previous session, Bank Nifty opened lower and without any valiant effort to bounce back, prices continued to decline for the most part of the session. However, during the final hour, there was a slight rebound similar to the previous session, but it still ended with a percent cut, closing just above 44500.
Bears remain dominant in this week, as prices are breaking intermediate support easily. On the daily chart, prices have closed slightly below a support confluence formed by (i) the Previous Swing Low, (ii) 50 SMA, and (iii) the 61.8% retracement level of the rally seen from the June swing low. This support zone becomes crucial for any potential bullish comeback. However, if breached, prices could decline further, ahead of the significant RBI policy announcement next week. The ongoing global cues continue to exert a major influence, with positive domestic news having limited impact. The market's future trajectory will continue to depend on the developments in global bourses, hence one needs to keep an eye over there. The key levels to watch are the weekly swing high of 44150, followed by the 89EMA at 43900, which could act as support. On the flip side, resistance levels are shifted lower at 45000 – 45200 levels. The volatility is likely to remain on the higher side hence one needs to avoid undue risk.
Please find attached the media kit from Angel One Ltd. (Formerly known as Angel Broking) for your reference.
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