IGI Logo

NIFTY

* NIFTY resumed its downtrend after a couple of days pause, shedding nearly 1%.

* Sectoral outlook: metals, autos, and energy were among the hardest hit.

* Index’s movement reflects that bears are still in control, and a decisive break below 24,000 could worsen the outlook.

* Traders should maintain a “sell on rise” strategy, as most sectors and broader indices remain under pressure.

BANKNIFTY

* Banknifty recently formed a big bearish candle to form a fresh breakdown.

* Index closed below rising wedge pattern and 100 EMA resuming a negative tone.

* Considering the main trend, a head-andshoulder pattern is formed, and the same is broken down.

* For the index to remain stable, it must regain the 51000 threshold; if it sustains below the same, fresh selling pressure can be seen.

* Traders are recommended to maintain ‘’sell on bounce’’ below 51000 as a notional mark.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330