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Indian equity benchmarks broke a six-day losing streak as the Nifty50 ended up 1% on October 27, the first day of the November F&O series, supported by buying across sectors. The index opened on positive Asian signals and rose above 18900. During the day, it extended its gains and reached the 19000 mark again. Nifty snapped a six-day losing streak on October 27 and ended higher aided by positive global cues. At close, Nifty was up 1.01% or 190 points at 19047. It formed a long bearish candle on the weekly chart after losing 2.5% over the week. After relentless selling in the last few days, the Nifty has temporarily paused its decline due to an oversold chart setup. However, the index closed well below the critical collapse level of 19250. As long as it stays below 19200, the market may continue to be inclined to sell on upsides. On the other hand, weakness will resume if the index falls below 18750. This is because put writers are likely to defend the Nifty with significant positions at 18750, with immediate support at 18900. The Nifty Bank index started the new series with a gain of 0.6% and extended its gains throughout the day. It pared losses from the previous session and closed 1.2% higher at 42,782. For Bank Nifty, 42400-42200 would act as untouchable support zones, above which it can rise up to the 200-day SMA (simple moving average) or 43400-43600level. On the other hand, the uptrend would be vulnerable above 42500.
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