Nifty on Hourly charts has shown weakness and has closed below its 100DEMA By Mr. Rahul Sharma, Equity99
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Below is quote On Today’s Market report by Mr. Rahul Sharma, Co- Founder, Equity99.
Markets fell 0.5% today with Sensex down 286 points and Nifty50 down 93 points. Markets were volatile today due to monthly and weekly expiry. Nifty realty index was the top-performing sector followed by PSU banks & Pharma index. The nifty bank was down 317 points or 0.84% with the Federal bank being the top performer. The only midcap index was up 109 points. Among the Nifty50 pack, Bajaj Finance was the top gainer followed by Bajaj Finserv & Tata Motors while Power Grid Corp, Asian Paints & Axis Bank were top losers.
Markets are expected to fall further as it is in consolidation mode. Auto companies will be declaring their September sales numbers from tomorrow.
Technical Setup:
Nifty on Hourly charts has shown weakness and has closed below its 100DEMA, a similar setup which was seen on 28th September, thus we can see support on the lows of the day which is near 17585, now going ahead immediate support will be 17575 followed by 17525 and bigger support at 17450 & upside resistance will remain at 17720 followed by 17800.
Bank Nifty has also shown weakness but has greater strength as it showed us good recovery on hourly charts between the first half-session of the day & Second half we have seen weakness to the days’ low levels, now with these levels support for Bank Nifty is placed at 37175 followed by 37000-36800 & on upside 37500 will act as immediate hurdle followed with resistance on upside at 37800-38000 levels.
Sectors to focus – Automobiles, Banks, Real-estate & Telecommunication
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