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

“The Nifty index opened on a gap-down note, maintained selling pressure, and eventually settled the day on a bearish note at 25,878. Technically, on the daily chart, Nifty formed a bearish candle, indicating profit booking. Moreover, the index continues to trade below the recent high of 26,100. As long as the index remains below 26,100, it is likely to consolidate within the range of 25,670–26,100. A firm breakout above 26,100 could open the doors for a move towards 26,280, where the previous all-time high is placed.

The Bank Nifty index opened on a gap-down note, witnessed profit booking, and settled the day on a negative note at 58,031. Technically, on the daily chart, Bank Nifty index formed a small red candle with a long upper shadow, reflecting selling pressure at higher levels. On the downside, major support for Bank Nifty is seen near 57,630, while the immediate hurdle is positioned around 58,580. As long as the index holds above 57,630, it is likely to consolidate within the band of 57,630–58,580. A decisive break above 58,580 could propel the index towards the 59,000 level.”

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