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Sep 23,Avoid excessive exposure, look for stock-specific performances.

Nifty got weak again and finally ended the day with a net loss of 96.90 points (-0.86%). Wednesday might see the markets attempting to stabilize a bit. However, the rising dollar index might pose a slight issue. In fact, the two days of volatile downside can be attributed to that factor. So, it may not be a surprise if the Nifty attempts a mild technical pullback after over a 350-point decline in two sessions.


From the current technical setup, it is evident that the Nifty has two major overhead resistance at 11280 and 11430 levels. And given this setup, Nifty moving past these levels too soon in the future is highly unlikely.


However, just because the Nifty has shed over 350-points in the last two sessions, we can expect a kind of technical pullback that will find resistance at higher levels. We recommend avoiding excessive exposure and look for stock-specific performances in the markets.


Nifty (11154) the stiff resistance exists at 11425 and the downside is open…next strong logical target would be 11000’ the Nifty opened in the green but sold off to close in the red and saw the support near 11100…technically Nifty still looks weak as long as 11230 is not taken out and downside to 11000 is still a possibility…


Nifty Bank (21139) ‘technically now 21900 is stiff resistance to deal with and the downside is open 20675-19600 is a possibility’ the Nifty Bank unfolded weak as expected and has closed in the red…technically Nifty Bank is still looking weak as long as 21500 is not taken out and downside to 20675 is still a possibility if it trades below 21000…

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