Table of Contents
The Nifty lost 168 points over the day to close at 23644. TIts again the same pattern, that the markets opened firm, and then gave up from its highs – loosing almost 300 points – closing near the low of the day. A bearish session. The Pharma Index, along with the IT index, were amongst the top gainers, whereas PSU, Realty, Auto, and Metals were the top losing sectors. Even though the breadth of studies was negative, the FIIs continue to be sellers.
Tech View
Technically, The price patterns are in favour of bears. Moving averages indicate the trend is down. The RSI, stochastic, and MACD indicators are all negatively placed at the moment, and there are no signs of reversal. The index is finding selling pressure at higher levels around 23850 – 900. . We have seen a number of attempts to get past the same in the last few days, but every single time, selling pressure was witnessed. The broader set-up remains weak.
The index has been toggling around the 200 EMA, and yesterday we closed below the same. All the above developments, along with the firm Dollar index, hint the index to test 23500 and 23300 soon – it’s just a matter of time.
Key Levels for Today
| Index | Support | Resistance |
|---|---|---|
| Nifty 50 | 23,340 | 24,200 |
| Bank Nifty | 50,200 | 54,200 |
Conclusion
There is more weakness ahead – be prepared for 23500 and 23300 levels.
