Technical Morning Ideas 29th August by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd
Below the Technical Morning Ideas 29th August by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd
“NIFTY / SENSEX
Nifty extended the losses with another big bearish candle to plunge more than 200 points, closing at the crucial and important support zone of the 24500 level, and is precariously placed with bias and sentiment turning weak. The bias is very much maintained with a cautious approach, and as mentioned earlier, technically, the index breaching the 24500 level decisively would have the next major support near the significant 200-period SMA at the 24000 zone, which needs to be sustained. Sensex has indicated a big bearish candle to turn the bias weak, and a decisive breach below the 79800 zone shall trigger further downward movement with the next major support positioned near the important 200-period MA at 79250 levels. The support for the day is seen at 24350 levels, while the resistance is seen at 24700 levels.
BANKNIFTY / BANKEX
BankNifty plunged further to break the 54000 level with bias turning very weak, losing almost 2000 points from near the 50EMA level at 55700 in the last 4 sessions, and is precariously placed as of now. The index has got the next major support near the significant 200-period SMA at the 52900 level, which needs to be sustained to keep the overall trend intact and anticipate a revival in the coming days. Bankex breaking the 60500 zone has turned much weaker, continuing with its downward movement, and has been in the losing streak for the 5th consecutive session. The index, currently with no respite from the selling pressure, is precariously placed and has the next support zone at the 200 DMA level of 59900, below which the overall trend would turn bearish. BankNifty would have the daily range of 53400-54400 levels.”
Above views are of the author and not of the website kindly read disclaimer
