Markets witnessed profit taking on the back of weak Asian market cues. After the 17775 support breakdown, selling intensified in Nifty. After a positive opening, the Nifty index wiped out its early gains and traded lower for the day, settling at 17646 levels with a loss of 176 points, while Bank Nifty ended at 37521 levels with a 0.5% fall. All the sectoral indices settled on a negative
note wherein Nifty Metal was the prime laggards for the day.
Technically,
on the daily chart, the index has formed a Bearish Engulfing candlestick
pattern, which suggests some weakness for the coming day. Moreover, a momentum
indicator Stochastic witnessed a negative crossover. In addition, on a four
hourly chart the index has sustained below Middle Bollinger Band formation,
which indicates further correction but the overall trend is still looking
bullish, so every dip would be a buying opportunity for the fresh entry. At
present, the index has immediate support at 17600 while resistance at the
17850 level.
More
about intraday tips Whatsapp On 9039542248
Resistance: 17750, 17800, 17850
Support: 17650, 17600, 17550
No comments:
Post a Comment