Nifty is likely to head towards 100-DMA which is currently placed at 17100 level By Mr. Parth Nyati, Tradingo
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Below is quote on Nifty is likely to head towards 100-DMA which is currently placed at 17100 level By Mr. Parth Nyati, Founder, Tradingo
The market witnessed a late trade sell-off after news that Germany is going for full lockdown. The overall texture of the market is weak where Nifty is witnessing selling pressure at pullback. Nifty tried to respect its 20-Week EMA but 17600 acted as a strong resistance that was strong support earlier. On the downside, a swing low of 17216 is an immediate support level but it is under threat where Nifty is likely to head towards 100-DMA which is currently placed at 17100 level.
We will have F&O expiry tomorrow and expiry is all about momentum where momentum is in favor of bears for time being. If we look at the options data then 17500 PE writers were active and showing confidence for a major part of the day but they were on the backfoot after Germany news, therefore, we saw sharp selling pressure in the last hour.
Banknifty outperformed today on the back of buying interest in ICICI Bank and Kotak bank but it is vulnerable for further sell-off till trades below 38000-38500 supply zone. On the downside, 37000-36500 is acting as an immediate support zone while it is likely to head towards its 200-DMA which is currently placed at 35700 level.
Above views are of the author and not of the website kindly read disclaimer
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