In yesterday’s trading session, the Indian Stock Market momentarily turned red and later ended in the green. Moreover, Nifty smash another record and made a high of 16,359 .25. Consequently, the Nifty rises 21 points and concluded at 16,280.
A sharp positive rally refects in the IT, telecom, and banking sector thereby turning out powerful stocks. Whereas selling push was seen in realty, utilities, metal, and public sector.
Furthermore, the Sensex was up by 151 points and ended at 54,554. From the broader market perspective, the BSE mid-cap and small-cap index made a dip of 0.85 and 2.05 percent respectively. Moreover, indices still underperform thus unable to meet the benchmark.
Moving further, Bank Nifty ended in green and roses by 5.15 points which stood at 36,034.10. Yesterday, bank Nifty formed a dull candle thereby making a very sluggish move. However, no obvious market trend is reflecting.
Yesterday, India VIX was up by 0.83 percent which came at 12.70 levels.
Nifty future has support at 16180 and resistance at 16330—16400.
Nifty formed rectangular box pattern on the daily chart with 3 consecutive DOJI candlestick.
Here we recommend our traders and subscribers to wait for time being as there is no clear direction on the daily chart.
Either side break or close with volume will decide further. Till then traders can trade with levels only.
On the other hand, Bank Nifty has support at 35900 and resistance at 36400.
Fresh downside panic we will see on a close below 35900 levels or else rally remain continue.
Above 36400… Target looks 36700—37000 levels.
Trade safely… More we will update during market hours.
Trendy Adani Port
Below 684… Sell it with stop loss above 710.
Downside target looks 656—624.
Trendy Power Grid
Support at 171 and Resistance at 175.
Decisive break and sustain below 171 will take it to 167—163 levels.
Hurdle and stop loss above 175 on a closing basis.