Market textured has become weak where SGX Nifty is suggesting a gap down opening - Swastika Investmart
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Technical Outlook:
Nifty (Spot):
Market textured has become weak where SGX Nifty is suggesting a gap down opening. It is difficult to trade gap down opening as the market has become very volatile ahead of budget where 14300-14325 will the first supply zone; above this, we can expect positive momentum where 14440-14500 will be the next resistance zone. On the downside, 14040-13950 will be the important support zone. Traders are advised to trade cautiously where they should give time to understand the intraday trend.
Banknifty (Spot):
Banknifty is likely to open below the key support zone of 31000-30900 where 50- DMA of 30663 will be the net important support level, below this, we can expect a fall towards 30000 mark. On the upside, 31300 is an immediate hurdle while 20-DMA of 31845 will be a critical hurdle.
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