IGI Logo

Daily Technical View on Nifty

* After a sharp up move on Friday, Nifty took a breather and consolidated within the previous day’s range.

* Amid muted global cues, the Indian market opened with negative bias and protracted the losses through the day.

* Nifty lost 100 points or 0.4%, to close at 24668. NSE cash market volumes were lower by 12% as compared to Friday, lowest since 26-Nov.

* Nifty Midcap and small cap Indices outperformed the Benchmark Indices as they rose by 0.77% and 0.64% respectively as against 0.40% fall in the Nifty.

* Advancing shares outnumbered the declining shares after two days as AD ratio stood at 1.3 on BSE.

* Nifty is still in an uptrend, as it holds above the key moving averages.

* Immediate resistance is seen at 24857, while support is seen at 24500.

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ00017133