Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates
The Nifty index began the day on a positive note, witnessed range bound consolidation, and eventually settled on a flat note at 26,177. Technically, on the daily chart, Nifty formed a small red candle with shadows on either side, reflecting uncertainty. The next major hurdle for the index is placed in the 26,250–26,325 zone, while immediate support has now shifted to the 26,050 level. Short-term traders are advised to book profits on a bounce near 26,250–26,325, while waiting for a fresh breakout above the 26,325 level.
The Bank Nifty index opened on a positive note, witnessed range-bound consolidation, and settled on a flat note at 59,300. Technically, on the daily chart, the Bank Nifty index has formed a small red candle, with shadows on either side, reflecting uncertainty. The next resistance for the index is placed near 59,550, and a sustainable break above 59,550 could pave the way for a move towards the 59,800–60,000 levels.”, according to Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates.