The Bank Closed at 30,792 levels with a loss of 1656 points - Choice Broking
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Nifty
* Nifty Index tumbled more than 3%, because of the increase in COVID cases and amid lockdown worries, closed at 14,310.80. All the sectoral indices closed in the red, PSU Bank index slipped 8.90 percent, while metal, auto, energy and infra indices fell 4-5 percent. Despite one-way fall in the market, a few stocks like DRREDDY, CIPLA, BRITANNIA&DIVISLAB have supported nifty with some gain while TATAMOTORS, ADANIPORTS, INDUSINDBK & BAJAJFINANCE were the top losers for the day.
* On the Technical Front, the index has given a breakdown of the rising trendline which suggests weakness in the counter.
* The index has formed the “Open Bearish Marabozu Candlestick” which points out further selling in upcoming sessions.
* Moreover, the Index has given closing below its 21&50 Days Moving Average as well as the oscillator is also showing negative crossover, which suggests negative momentum in the counter.
* At present, the Nifty index has a support at 14200 levels while an upside resistance comes at 14700 levels.
Bank Nifty
* On a daily chart, the Bank Closed at 30,792 levels with a loss of 1656 points.
* Furthermore, the index has given closing below 21 Daily Average which points out weakness in the counter.
* The index has formed the “Open Bearish Marabozu Candlestick” which points out further selling in upcoming session.
* At Present in the Index has support comes at 30000 level while resistance comes at 31600 level.
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