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

“The Nifty index opened on a positive note, after early volatility witnessed buying interest and eventually settled the day on a positive note at 25,695. Technically, on the daily chart, Nifty formed a bullish candle with long lower shadow, indicating buying interest at lower levels. Short term support for the index is placed near 25,450, followed by 25,350, where 50-DEMA is placed. On the upside, 26,100 will serve as the major resistance for the index. Therefore, traders are advised to adopt a buy on dips strategy.

The Bank Nifty index opened on a flat to positive note, witnessed both side volatility but thereafter index resume buying interest, and settled the day on a positive note at 58,138. Technically, on the daily chart, the Bank Nifty index has formed a bullish candle with long lower shadow, indicating strong demand at lower levels. Immediate support for the Bank Nifty is placed near 57,590 levels. As long as the Bank Nifty index holds above 57,590 levels, traders are advised to adopt a buy-on-dips strategy. On the upside, 58,580 and 59,000 will act as resistance points for the index"

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