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Nifty index continued to make lower highs – lower lows for third consecutive session. It formed a Bearish Belt Hold candle on daily scale, which indicate dominance of bears for major part of the session. Despite the corrective move of benchmark indices, market breadth remained in favour of the advancing counters. The momentum oscillator RSI is showing triple negative divergence and turned southward on daily chart, which doesn’t bode well for the bulls. Since index closed below its immediate support of 12158 levels, further correction towards 12050 – 12000 zone cannot be ruled out. On upside, immediate hurdle is placed at 12220 and 12300 levels.
Bank Nifty Daily
Bank Nifty made lower highs for second consecutive session and formed a negative candle on daily scale. The banking index breached its immediate support of 32000 mark and ended the session a tad below the same. Currently, it is hovering around lower end of the Rising Channel on daily chart and a sustainable move below 31900 may lead to a correction towards 31700 – 31500 levels. While resistance can be seen around 32300 – 32500 zone.
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