IGI Logo

Daily Technical View on Nifty

* On the back of weak global cues, Indian markets opened softer and attempted a recovery which was met by ferocious selling at higher levels.

* Nifty fell for the third consecutive session and registered a cut of 137 points or 0.56%, to close at 24198.

* Nifty Midcap 100 and Smallcap 100 Index continued their southward journey for the second day in a row where they fell by 0.64% and 0.87% respectively.

* Declining shares outnumbered the advancing shares where the advance decline ratio stood at 0.57 on BSE.

* Nifty violated the crucial support of 24180 during the day but managed to close above that.

* Yesterday’s low also happens to be the inverted head and shoulder neckline support on the daily chart.

* A breach of 24180 support could intensify the selling pressure, which could drag the index towards the next support of 23873.

* On the higher side, 24500 could offer resistance.

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

SEBI Registration number is INZ00017133