On Monday, the stock market embarked on a rather sluggish trajectory, culminating in modest losses by the closing bell.
Despite this, the market's breadth remained lacklustre, with the Nifty settling at 20,133 and the Sensex at 67,597.
Notably, smaller-sized PSU banks within the Nifty index showcased commendable performance. Additionally, sectors typically associated with festive fervour, such as auto, paints, and FMCG, garnered significant interest.
Today, Indian share markets are trading on a negative note with the Sensex trading lower by 674 points at the time of writing, while the Nifty is trading 192 points lower.
Powergrid Corp. and NTPC are the top gainers from the Sensex, while HDFC Bank and Reliance Industries 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…
Taking a technical perspective, the market is presently grappling with selling pressure at elevated levels.
The resistance zone is anticipated to materialise at 20,200/67,800-20,400/68,400, while crucial supports are foreseen within the range of 20,000/67,200 to 19,000/66,900.
Given this scenario, our recommended strategy involves judicious buying on dips, particularly around the 20,000/67,200 levels, with a prudent stop loss set at 19,900.
Conversely, a cautious reduction of positions is advised as the market approaches the 20,200/67,800 to 20,400/68,400 levels.
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.
For the Bank Nifty, a robust support base is identified within the 45,700-45,600 levels, while resistance is anticipated at 46,400.
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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.
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