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Skilled bulls failed to find traction amid the volatility and ended negatively. Markets were unable to hold onto their early morning gains as the street remained primarily concerned about how much the RBI will tighten at its monetary policy meeting and raise interest rates to fight inflation for the remainder of the year. The negative close could also be attributed to Dow futures and European stocks, which resumed the sell-off. The market was extremely volatile on the F&O expiry date and traders chose to trim their positions in some interest rate sensitive names ahead of the credit policy announcement on 30 september 2022. Benchmark indices ended slightly lower today, with the Nifty 50 down -0.24% and Sensex down -0.33%. The index failed to capitalize on the early gain as it faced stiff resistance at 17000 which led to a close around 16800. At the close, Sensex was down 188 points to 56409 and the Nifty was down 40 points to 16818. Technically, Nifty’s support can now only be seen in the 16500-16300 zone. As long as 16300 support holds, there is a good chance the index could bounce to 16900-17000 and then 17200 level. Technically, the benchmark Nifty failed to sustain above the 200-day SMA (simple moving average) or 16900 despite a solid start. In the intraday timeframe, the index has formed a double top formation and inverse, it is constantly taking support at 16800. As long as the index is trading above 16800, there are good chances for a quick pullback rally. Additionally, the index could retest the 16900-17200 levels. Below 16800, however, the index could slip to 16700-16500 in intraday.
Resistance: 17400,
17550, 17700
Support: 17300,
17150, 17000
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