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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 marginally positive note and, after initial volatility, witnessed buying interest, eventually settling on a bullish note at 25,899. On the daily chart, Nifty found trend line support and formed a bullish candle, reflecting strength. Trend line support for Nifty is placed near the 25,700 level. As long as the index holds above 25,700, a pullback towards 26,000–26,100 could be possible. On the upside, 26,100 and 26,325 will act as strong hurdles for the index. Thus, short-term traders are advised to buy near 25,700 and sell on bounces towards 26,000–26,100 levels.

 The Bank Nifty index opened on a flat note, witnessed buying interest after the initial dip, and settled on a positive note at 59,210. Technically, on the daily chart, Bank Nifty formed a bullish candle, indicating buying interest at lower levels. On the downside, 58,800–58,900 will act as an immediate support zone for Bank Nifty. On the upside, 60,000–60,120 will act as a stiff resistance zone for the index. Therefore, short-term traders are advised to buy near support and book profits near resistance levels mentioned above."

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