IGI Logo

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 and after initial volatility, witnessed buying interest, eventually settling on a marginal negative note at 26,027. On the daily chart, Nifty formed a bullish candle, reflecting strength. Trend line support for Nifty is placed near the 25,750 level, while 50-DEMA support is placed near 25,760. Thus, 25,750-25,760 will act as strong support for the index, while on the upside, 26,100 and 26,325 will act as strong hurdles for the index.

The Bank Nifty index opened on a gap down note, witnessed buying interest after the initial dip, and settled on a positive note at 59,462. Technically, on the daily chart, Bank Nifty formed a big 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."

Above views are of the author and not of the website kindly read disclaimer