04-11-2024 10:26 AM | Source: Religare Broking
Traders maintain hedge positions and play the wider consolidation range between 52500 and 51000 - Religare Broking Ltd

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NIFTY

* NIFTY under pressure on monthly expiry day, slipping nearly half a percent.

* The majority of sectors barring pharma, edged lower wherein FMCG and IT were among the top losers.

* Current indications point to a possible retest of the prior swing low near the 24,000 level.

* Traders should adjust their strategies accordingly, emphasizing risk management.

 

BANKNIFTY

* Absence of a follow on upside and dull opening sentiment, Banknifty experienced profit-taking from higher levels.

* On the contrary, Banknifty sustained above levels of the previous breakout, i.e., 100 EMA.

* Since there has been no subsequent follow-up on either side, consolidation is much anticipated.

* Traders maintain hedge positions and play the wider consolidation range between 52500 and 51000.

 

 

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