Market ended lower for the second consecutive session on 28 October 2021 dragged by the bank, metal, realty, oil & gas, power and pharma stocks. At close, the Sensex was down 1158 points at 59984, and the Nifty was down 353 points at 17857. Markets ended as the worst performer in the Asian pack as selling intensified on the expiry day. After a weak opening, benchmark Nifty swiftly broke the important 18100 support level and retreated sharply thereafter. After a long time, the Nifty closed below 20 day SMA which is broadly negative for the market.
For day traders, the
short term trend is weak as the market is in a temporary oversold situation but
a quick pullback rally cannot be ruled out. The intraday day trade set up
suggests 17900 and 18000 would be the key hurdle for traders and below the same
the correction wave is likely to continue till 17800-17700 levels. Contra
traders can take a long bet near 17700 with a strict support stop loss at
17600.
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Resistance: 18000, 18100, 18200
Support: 17900, 17800, 17700
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