Bank Nifty is expected to continue with its underperform - HDFC Securities
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Daily Technical View on Nifty
Observations
* Yesterday was yet another volatile session for Indian benchmark indices
* After gap up opening of 200 points, Nifty hit a high at 16768 in first 15 minutes, and then started correcting.
* Nifty ended lower by 108 points, to close at 16498
* On Daily chart, Nifty has ended up forming bearish engulfing pattern
* Nifty failed to surpass the crucial resistance of 16815, which happens to be the recent swing high.
* Indicators and oscillators still indicating continuation of a bearish trend for the short term
* Bank Nifty continued to underperform as it fell more than 1%.
* Bank Nifty has violated the crucial support of upward sloping trend line on the daily charts
* Bank Nifty is expected to continue with its underperform
* Immediate Support for Nifty is seen at 16203, while resistance is seen at 16815
* Sectors with bullish bias are Metals, PSE and Energy
* Sectors with bearish bias are FMCG, Auto and Banks.
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