Indian markets witnessed sluggish activity on Tuesday, with the Nifty closing up by 8 points and the Sensex down by 29 points.
Among sectors, the metal index stood out with a sharp rise of nearly 3%, while the PSU Bank index saw profit-booking, leading to a decline of over 1%.
Check out this short video for detailed market update: Market Ready by Kotak Securities
Today, Indian share markets are trading on a positive note.
At the time of writing, the BSE Sensex is trading higher by 409 points. Meanwhile, the NSE Nifty is trading up by 113 points..
Among stocks, Reliance and L&T are the top gainers from the Sensex, while HDFC Bank and M&M are the top losers.
Here’s a rundown of today’s expected market movements…
After two days of correction, the market showed range-bound activity near the 10-day Simple Moving Average (SMA) on the daily chart.
The index formed a small bearish candle, and selling pressure was observed from sustained higher levels on the intraday chart.
For day traders, the key support level is 19600.
If the index remains above this level, a quick pullback rally can be expected towards 19730-19750.
However, a rejection of 19600 may increase selling pressure, and the index could slip further to 19570-19550.
The Bank Nifty remained within a narrow trading range of 45600 and 46150.
If it breaks below 45600, it could fall to 45500 or 45400 levels.
The Nifty IT index is stabilising around 29600.
A rebound is possible if it holds above 29600 and crosses the level of 30000.
All in all, caution is advised for day traders, and monitoring the key support and resistance levels is crucial for making trading decisions.
Stay alert for potential movements in the metal sector and PSU Banks.
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.