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Below are View on Today`s closing market By Mr. Santosh Meena, Head of Research, Swastika Investmart Ltd.

It was a Reliance day on the Indian equity market because Reliance alone contributed more than 85% of Nifty gain while healthcare stocks were also in good health today. It was a volatile trading session on the back of the F&O expiry especially for Banknifty which underperformed today. FIIs are selling relentlessly in our Indian market and we can again expect a big number today on the back of the F&O expiry despite holiday in the US market however today's FIIs' figure won't be clean because they generally close their arbitrage positions on expiry day. 

The US markets are shut today on the occasion of thanksgiving day and they will remain open for half-day tomorrow, therefore, we can expect a dull session tomorrow in our Indian market as well in absence of major cues.

Technically, Nifty is trying to respect its 20-week exponential moving average after a decent correction but the overall texture is still weak following a breakdown of a bearish head and shoulder formation on the daily chart where it is facing resistance at previous swing low of 17613; above this, we can expect some short-covering move towards the critical supply zone of 17800-17850. The bearish view will be negated if Nifty manages to sustain above the 17850 level otherwise there is a good chance that it may see further sell-off where 100-DMA of 17100 will be critical support; below this 16700 will be the next important support level.

Bank Nifty is underperforming and fighting with its 100-DMA and if it starts to trade below its 100-DMA then it is likely to head towards its 200-DMA that is currently placed at 35700 level. On the upside, 38000-38500 is a critical supply zone; above this, we can expect a short-covering rally and we can say that the correction has ended.

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