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Below the Daily Market Commentary : Technical View from Hrishikesh Yedve, Asit C. Mehta Investment Interrmediates Ltd

The Nifty index began the day on a gap-down note, witnessed continued selling pressure, and eventually settled on a bearish note at 25,961. On the daily chart, Nifty formed a big bearish candle, reflecting strong selling pressure. However, the index managed to hold the 25,890 level, which is the low of the weekly Hanging Man candlestick pattern. A firm break below 25,890 could lead to fresh selling pressure in Nifty. On the downside, 25,500-25,300 will act as next major support zone for the index, while on the upside, 26,200 and 26,325 will act as strong hurdles for the index. Any bounce towards 26,325 could be used for profit booking.

The Bank Nifty index opened on a negative note, witnessed selling pressure, and settled on a negative note at 59,239. Technically, on the daily chart, Bank Nifty formed a bearish candle, followed by weekly Hanging Man candle, indicating weakness. If the index sustains below the low of the Hanging Man candle at 58,925, the weakness could extend further towards 58,000 levels. On the upside, 60,000–60,120 will act as a stiff resistance zone for the index. Therefore, short-term traders are advised to book profits on rallies as long as Bank Nifty trades below 60,120 levels."

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