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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 opened on a positive note, registered a fresh lifetime high of 26,310, and eventually settled flat at 26,216. On the daily chart, Nifty has formed a small red candle near the trendline resistance, indicating profit booking at higher levels. In the near term, the immediate hurdle for the index is placed at 26,310. A sustained breakout above this level may lead to further upside toward 26,500–26,800. On the downside, 26,000 and 25,840 will act as crucial support zones.

The Bank Nifty index opened on a strong footing and continued its upward momentum, marking a new lifetime high near 59,867 before closing on a bullish note at 59,737. The Bank Nifty index witnessed mild profit booking near the trendline resistance; however, it still managed to form a bullish candle, indicating underlying strength. As long as Bank Nifty holds above 59,400, the ongoing rally could see an extension toward the 59,900-60,000 marks. Therefore, short-term traders are advised to maintain a buy-on-dips approach in Bank Nifty."

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