MARKET TRENDS:
NIFTY (CMP 25960):
SUPPORT: 25871/25650
RESISTANCE: 26143/26277
RANGE: 25850-26100
BIAS: Neutral
21 DMA: 25850
50 DMA: 25472
200 DMA: 24527
SENSEX (CMP 84901)
SUPPORT: 84350/82671
RESISTANCE: 85450/85978
RANGE: 84400-85400
BIAS: Neutral
21 DMA: 84401
50 DMA: 83133
200 DMA: 80475
BANK NIFTY (CMP 58835)
SUPPORT: 58100/57158
RESISTANCE: 59500/60100
RANGE: 58200-59200
BIAS: Neutral
21 DMA: 58331
50 DMA: 56936
200 DMA: 54544
Nifty: In Monday’s bearish session, Nifty started the session on a cautiously optimist note — as momentum buying faded and selling intensified as the session panned out.
Nifty ended way below the dotted lines and the negative takeaway was that Nifty ended below 26000 mark and way below the its all-time-high at 26277.35 mark.
So, Nifty (-0.42%) slipped amidst profit booking as the benchmark ended in red for the 2nd straight day.
Nifty is still above its 21 DMA (25849), 50 DMA (25472) and its 100 DMA (25197). Nifty’s 200 DMA at 24527 mark.
Nifty’s hurdles seen 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25871/25650 mark.
Nifty’s chart of the day suggests the benchmark may trade volatile in an up-and-down session with Nifty’s biggest intraday hurdles at 26277.35 mark.
Bank Nifty: Bank Nifty (-0.05%) slipped as unwinding of long positions was the preferred theme all thru the trading session. Bank Nifty ended in red. Bank Nifty’s new all-time-high at 59440.10 mark.
Bank Nifty was seen slightly outperforming in Nifty’s sliding action, ending 0.05% lower as against Nifty’s 0.42% loss.
Interestingly, Nifty PSU Banks ended 0.15% lower while Nifty Private Bank Index ended with 0.17% loss.
Intraday support for Bank Nifty now seen at 58100/57158 mark and then at 55600 mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 59500 mark. Bank Nifty’s 200-DMA is placed at 54544 mark. Bias on Bank Nifty shifts to Neutral.
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