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

“The Nifty index started the day on a gap-down note, witnessed continued selling pressure, and eventually settled on a negative note at 26,032. On the daily chart, Nifty has formed a small red candle with shadows on either side, indicating uncertainty. In the near term, major resistance for the index is placed at 26,325. Until the index persists below this level, any bounce should be used for profit booking. On the downside, 25,840 will act as crucial support base, where the short term swing low is placed. Considering the overall setup, traders are advised to buy near support levels and sell near the resistance mentioned above.

The Bank Nifty index opened negative note, witnessed continued selling pressure, and settled on a bearish note at 59,274. Technically, on the daily chart, the Bank Nifty has formed a small red candle with a long upper shadow, reflecting selling pressure at elevated levels. As per this formation, as long as the Bank Nifty remains below 60,114, any bounce should be used for profit booking. On the downside, immediate support is placed near 58,810 where 21-DEMA is placed followed by multiple support base of 58,650. Therefore, short-term traders are advised to adopt a buy-near-support and sell near the resistance zone mentioned above."

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