Market Update
Harsh Patel
Founder
Nifty bounces to 26050 from mentioned support of 25880, range bound activity to continue between 25900-26200,
Nifty Daily Chart
Support levels: 25880 Resistance levels: 26200
Nifty bounced today from 25880 to 26060 level due to extreme oversold RSI on the micro structure, on the daily chart consolidation range is getting narrower to 25850-26200, a breach on either is necessary for a directional move.
India Vix is still below 10 suggesting limited intraday swings one way direction in the market unless we see a drastic change. trading pattens on daily chart may prove rewarding rather than trying to fetch intraday swings and reversals, weekly support for Nifty is seen at 25650 and resistance at 26350 level.
The market to remain stock specific and Buy on Dips mode in certain Budget focused stocks for sectors like defense, railways, green and nuclear energy and semi conductors, while rest of the sectors may see sell on rise activity in absence of any stock specific news.
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