On Thursday, the benchmark indices witnessed profit-booking at higher levels, with the Nifty closing down by 57 points, and the Sensex slumping by 181 points.
Some buying was observed in digital and IT stocks, while the PSU Bank index declined nearly 1 percent.
Check out this short video for detailed market update: Market Ready by Kotak Securities
Today, the Indian markets are trading on a negative note with the Sensex trading lower by 408 points at the time of writing.
Here’s a rundown of today’s expected market movements…
Technically, against the backdrop of positive global sentiment, our market opened with a gap up but faced severe profit booking at higher levels. The market erased around 200 points on the Nifty and 700 on the Sensex from the day's highs. A bearish candle was formed, indicating a negative sentiment.
For the bulls, the immediate resistance zone is seen around 19500/65500. Below 19400, the index may retest 19325-19300/65000-64800 levels. On the other hand, after a breakout above 19500/65500, the market might rally towards 19600/65800.
Based on short-term averages and intraday charts, selling pressure seems to persist in the short term. The strategy should be to consider buying between 19350 and 19300, with a stop loss at 19245.
For the Nifty, be cautious of the immediate resistance at 19500/65500.
Watch for buying opportunities between 19350 and 19300, placing a stop loss at 19245.
The Bank Nifty has support near 44400 and 44200.
To establish any long positions, maintain a stop loss at 44000. Resistance levels are anticipated at 44750 and 45000.
The Nifty IT index may continue to fluctuate within the range of 30500 and 31300 levels.
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Please keep in mind that market conditions can change rapidly, and it's essential to stay informed and implement proper risk management 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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