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Markets
resumed the corrective phase after a day of pause and lost half a percent. The
move was lackluster for most of the session and the benchmark hovered in a
narrow range amid mixed cues. However, selling pressure in the last one and a
half hours dragged the index to the day’s low. Market witnessed a highly
volatile session on Wednesday 24 November 2021 with Nifty closed below 17500
dragged by Auto, IT, FMCG stocks. Sensex was down by 323 points and closed at
58340 and Nifty was down by 88 points and closed at 17415. Amid all, sectoral
indices traded mixed wherein IT, auto and FMCG ended lower while media, finance
and PSU banks were on the positive side. The news of the COVID situation
worsening globally has started weighing on the sentiment along with the
inflation fear. And since there’s no major event on the domestic front, markets
will continue to take cues from global counterparts.
While
Nifty failed to surpass the 17600 resistance level, the index has formed a
bearish candle along with lower top formation. Ahead of the monthly
F&O November series expiry the market is likely to trade within the range
of 17350 to 17525. Below 17350, the uptrend would be vulnerable. On the
technical front, immediate support and resistance in Nifty are 17325 and 17625
respectively. For Bank Nifty support and resistance are 36850 and 37650
respectively. At the same time, the scheduled monthly expiry on 25 November
2021 would keep the traders busy on tomorrow. We suggest continuing with negative
bias in nifty while keeping a check on leveraged positions. Nifty has next
major support around 17200 zone.
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Resistance: 17600, 17800, 18000
Support: 17400, 17200, 17000
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