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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 negative note. After the initial panic, the index witnessed a recovery, which was short-lived, and eventually settled on a flat note at 25,816. Technically, on the daily chart, Nifty formed a small green candle with a long upper shadow, reflecting selling pressure at higher levels. Major support for Nifty is placed near the 25,690–25,750 zone, while resistance stands at the 26,100 level. As long as Nifty protects 25,690, the ongoing consolidation is likely to continue; however, a close below 25,690 could trigger fresh weakness.

 The Bank Nifty index opened with a gap down and witnessed buying interest in the first half. However, profit-taking at higher levels led the index to settle on a flat note at 58,913. Technically, on the daily chart, Bank Nifty formed an inverted hammer candle and managed to defend the support of 58,800 on a closing basis. If the index manages to hold the inverted hammer low of 58,712, then short-term relief might be possible. A firm break below 58,712 could extend the weakness towards the 58,450–58,000 levels."

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