Downside seems to be limited now but volatility is increasing day by day. Expect higher volatility in the coming days. 29100 is the key level if this level is broken one can expect banknifty moving higher. Today it might test these levels as well.
Nifty Media index ended down 4.53% at 2133.65 today. The index is down 12.00% over last one month. Whereas Media constitute only .5% to the index . On the other hand Metals & Energy have high contribution to the index which are also in weakness.
Metal and Consumer Durables Stocks Witness Selling which could lead to further downside if the sentiments continue. At the same time the Nifty is locked in at the support of the range bound session which is going on for over 2 months.
Right from Mid March nifty has been ranging between 11800 on higher side and 11500 on lower side. Making it challenging for positional traders to make money. Even short term investors would not have seen much movement in their portfolio holdings.