Yesterday, the benchmark indices displayed a range-bound pattern.
The Nifty concluded the day with a 33-point gain, while the Sensex ascended by 76 points.
Most major sectoral indices performed positively, with notable gains seen in PSU banks, metals, and realty sectors, each surging over 1%.
Today, Indian share markets are trading on a positive note with the Sensex trading higher by 200 points at the time of writing, while the Nifty is trading 56 points higher.
HCL Tech and Tata Motors are the top gainers from the Sensex, while Asian Paints and HUL are the top losers.
Check out this short video for detailed market update: Market Ready by Kotak Securities
Here’s a rundown of today’s expected market movements…
The market kicked off with a bullish gap-up, but as the day unfolded, it experienced profit booking at higher levels.
Despite this, the overall outlook remains optimistic due to the formation of a higher low on the intraday chart.
The near-future trajectory of the market hinges on the critical support level of 20,000/67,250.
As long as the market maintains a trading position above this level, the bullish sentiment is likely to persist, potentially fueling a rally towards 20,200, 20,250, and 20,300/67,800, 68,000, and 68,150.
However, it's crucial to note that if selling pressure intensifies and the market dips below 20,000/67,250, this could prompt a reversal in the bullish sentiment.
For a detailed market analysis and trading strategy, check out the recent Option Chain Analysis webinar hosted by our AVP of Derivatives Research, Prasenjit Biswas. Click Here to watch the full video.
The Bank Nifty displayed a narrow trading range, with the levels of 45,700 and 46,200 serving as key trend deciders for the day.
A breach above 46,200 could propel the index to 46,400-46,600 levels, while a decline below 45,700 could result in a fall to the 45,300 level.
The Nifty IT index exhibited a notable reaction at the pivotal level of 33,300, which holds significant influence over the continuation of the upward trend.
To learn trading strategies you can apply in the current market, check out our expert-led courses by clicking HERE.
As always, market conditions can shift unexpectedly, so staying informed and implementing proper risk management is essential while making trading decisions.
See you tomorrow!
Disclaimer: The information provided in this article is based on technical analysis and does not constitute financial advice. Traders should exercise their own judgement and consult with financial professionals before making any investment decisions.
0 people liked this article.