Nifty snapped its four-day winning streak to end lower today, on weak global cues but the index managed to stay above the vital 18,000 mark and ended 66 points lower at 18,004. As expected 17777 mark did not break and short covering push the market up..
index opened sharply lower but managed to bounce back more than 300 points from the day's low and even tested the previous day's high at 18,091 in afternoon trade. Selling pressure in the final hours pushed the index lower.
As the closing was much higher than the opening level, the index formed a bullish candlestick on the daily charts, indicating that the Nifty was in a strong position and could rise to 18,100 & onwards.
"On the lower end, થઇ trend line has acted as crucial support for the Nifty. Besides, the index has been sustaining above the 50 exponential moving average (17,268).
The trend will likely remain positive as long as the Nifty remains above 17,777. On the higher end, the index may move towards 18,100-200 once it provides a decisive breakout above 18,100 we may move further.
Followed by fall in Nasdac, IT sector was weak.
The IT sector was the biggest loser of the day, down 3.4 percent. Pharma, oil & gas, FMCG and auto stocks, too, saw some correction.
India VIX, which indicates expected volatility over the next 30 days, went past the 18 mark, rising 4.62 percent to 18.28 levels.
On the Options front, the maximum Call open interest was seen at 18,000 strike followed by 18,500 strike, while maximum Put open interest was seen at 17,000 strike then 17,500 strike.
The data indicates that in the immediate term, the Nifty50 may see a trading range of 17,700 to 18,200 in the coming session.
The Bank Nifty opened 565 points lower at 40,309 but soon bulls swung into action and the index zoomed towards 41,600.
The banking index rallied more than 500 points to end at a record closing high of 41,405 and formed a large bullish candle on the daily charts. Bnf turned bullish first and nifty followed it.
Tommorow, being expry day, both side movement expected. But market is in buy on dips.. Good stocks to be accumuletted. We are moving safely as we could manage today's fall successfully.
Signing off for the day 💐