Market skewed
in favor of the bears. After nearly 1000 point move in the Nifty some
correction is happening on account of profit booking and the volatility is also
high a day ahead of expiry of futures and options September contracts tomorrow.
The Sensex and Nifty fell sharply in trade today on the back of a broad-based
selloff. The Sensex plunged as much as 586 points to hit intraday low of 38510 and
the Nifty plunged as much as 172 points to drop below important psychological
level of 11450. Prospects of a prolonged political uncertainty in the United
States after the launch of a formal impeachment inquiry against President
Donald Trump are also hurting the market sentiment globally and that is also
impacting Indian markets today.
Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 11416 levels could help bears to rule. Now 11500 levels has become an impotent level for nifty. Only above 11600 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11375 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11350 level. A decisive close above the 11575 level should usher in a sustainable uptrend.
Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 11416 levels could help bears to rule. Now 11500 levels has become an impotent level for nifty. Only above 11600 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11375 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11350 level. A decisive close above the 11575 level should usher in a sustainable uptrend.
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Resistance: 11500, 11575, 11625
Support: 11375, 11350, 11325
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