Indian market started on very negative trend due to global sell-off on Tuesday & high crude prices. Spiking US treasury yields and slowing economy were impacting growth stocks. During the day, European & Asian markets recovered and crude prices stabilized. Indian growth-oriented sectors like Energy, Metals and Pharma also recovered strongly but selling continued on other sectors like private sector banks & consumption. At close, the Sensex was down 254 points at 59413, and the Nifty was down 37 points at 17711.
Markets witnessed a highly volatile trading session,
which was marked by weak global cues but benchmark Nifty once again took
support near the 10 days SMA or 17650 and reversed sharply. After yesterday's
sharp intraday fall, the index has formed an inside candle pattern which
indicates indecisiveness between bulls and bears. In the run-up to monthly
F&O expiry, the market may continue with the narrow range activity. For day
traders, 17775-18875 would be the key resistance level, while 17650-17550 could act as strong support.
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Resistance: 17750, 17850, 17950
Support: 17650, 17550, 17450
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