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

" The Nifty index began the day on a gap-down note, witnessed sustained selling pressure, and eventually settled on a negative note at 25,860, forming a bearish candle on the daily chart that reflects weakness. Trend line support for Nifty is placed near the 25,750 level, while the 50?DEMA support is placed near 25,760. A firm break below 25,750 could extend the weakness. On the upside, 26,100 will act as an immediate hurdle, followed by 26,325. Thus, short-term traders are advised to book profits on bounce.

The Bank Nifty index opened on a gap-down note, witnessed selling pressure throughout the day, and settled on a bearish note at 59,035. Technically, on the daily chart, Bank Nifty formed a red candle, indicating weakness. On the downside, 58,800–58,900 will act as an immediate support zone for Bank Nifty, and a firm break below 58,800 could extend the weakness towards the 58,500–58,000 levels. On the upside, 60,000–60,120 will act as a stiff resistance zone for the index. Therefore, short-term traders are advised to book profits on every bounce.",

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