Yesterday, the benchmark indices displayed a trend of range-bound movement. Nifty managed a modest increase of just 1 point, while the Sensex saw a slight rise of 15 points.
Notably, the Realty index stood out as the strongest gainer, surging by 1.5%, while the IT index faced a dip, falling by 0.85%.
Today, Indian share markets are trading marginally lower with the Sensex trading lower by 28 points at the time of writing, while the Nifty is trading flat.
Tata Steel and NTPC are the top gainers from the Sensex, while Bajaj Finserv and Asian Paints are the top losers.
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Here’s a rundown of today’s expected market movements…
Technically, the index found support in the vicinity of the 50-day SMA (Simple Moving Average) post a morning intraday correction, demonstrating a potential reversal.
Additionally, a Doji candlestick formation was observed on the daily chart, hinting at a momentary pause in the market's trajectory following a correction to 61.80% of the rally between the 19,200 and 20,200 levels.
Our assessment leans towards the notion that the market is presently in a corrective phase, which could conclude if it surpasses the 19,750 mark.
A successful breach of this level could propel the market upwards, targeting 19,850 and 19,950 in the immediate future.
Conversely, a dip below the 19,600/19,590 levels might trigger a descent to the crucial support levels at 19,450/19,500.
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Shifting focus to the Bank Nifty, a major obstacle is anticipated at the 45,000 level.
Surmounting this barrier would likely trigger a swift ascent towards 45,400 or 45,500 levels.
Conversely, a downturn below the 44,400 levels could lead to a decline to the range of 44,100-44,000.
Regarding the Nifty IT index, the trend-deciding level stands at 32,400. A close beneath this mark may invite further weakness, potentially driving the index down to 32,000 or 31,800 levels.
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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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