Banknifty opened with an upside gap above 100 EMA, and follow-on was witnessed - Religare Broking Ltd
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
NIFTY
* NIFTY bounced back from oversold zones after firm recovery closed with gains of more than half a percent.
* Inside bar is formed, keeping a pause in selling pressure and immediate resistance at 21500 (100EMA).
* Almost all major sectors contributed to recovery; metals, realty, and pharma were among the most gainers.
* Traders stay cautious and maintain positions on both sides, whereas fresh buying can only trigger above 21500 levels.
BANKNIFTY
* Banknifty opened with an upside gap above 100 EMA, and follow-on was witnessed.
* Index faced resistance at rising wedge pattern channel, and mild profit taking was seen from the same.
* Even though index failed to regain its channel but managed to close above 100EMA. Which is a positive sign.
* Only above 52000 might see a positive follow-on, and 51000 will serve as significant support in the interim.
* Traders remain cautious and "wait and watch" for the trend to establish before making a firm decision on either side.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
