Technical View on Daily Market Commentary by Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd
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 opened on a positive note and witnessed consolidation during the first half. However, the index experienced heavy selling pressure in the second half and eventually settled the session on a bearish note at 25,885. On the daily chart, Nifty formed a big bearish candle, indicating continued weakness. As long as the Nifty index remains below the 26,280 level, weakness is likely to persist. On the downside, major support for Nifty is placed around 25,710, which marks the bullish gap area. A firm break below 25,710 could lead to further weakness. Short-term traders are advised to keep booking profits on any bounce as long as Nifty holds below 26,280.
The Bank Nifty index also opened positively and saw buying interest in the first half. However, in the second half, it experienced heavy profit booking and settled the day on a negative note at 58,820. On the daily scale, Bank Nifty formed a red candle with long upper shadows, reflecting selling pressure at higher levels. Immediate support for the index is seen near 58,580, and a sustained move below this level could trigger fresh weakness towards 58,000–57,800. On the upside, 59,440 will remain a strong hurdle for Bank Nifty. As long as Bank Nifty trades below 59,440, traders are advised to keep booking profits on any bounce.''
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