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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 positive note. After an initial bounce, the index resumed selling pressure and eventually settled on a bearish note at 25,758. On the daily chart, Nifty formed a bearish candle, reflecting weakness. Trend line support for the Nifty is placed near the 25,700 level. A decisive break below 25,700 will drag the Nifty towards the 25,500–25,300 levels. On the upside, 26,000 and 26,325 will act as strong hurdles for the index. Thus, short-term traders are advised to adopt a sell-on-bounce strategy.

The Bank Nifty index opened on a negative note, witnessed selling pressure after the initial bounce, and settled on a negative note at 58,960. Technically, on the daily chart, Bank Nifty formed a bearish candle, indicating selling pressure at higher levels. On the downside, 58,900 will act as an immediate support for Bank Nifty. A firm break below 58,900 could extend the weakness towards the 58,000 level. 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 rallies as long as Bank Nifty trades below the 60,120 level."

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