Market Update
Harsh Patel
Founder
GIFTNIFTY trades +65(0.25%) higher, but Indian market opens on a flat note after Friday's record closing, as global markets are calmer despite US kidnaping Venezuelan leader, escalating global risks.
Nifty Daily Chart
Support levels: 26200 Resistance levels: 26500
Nifty is et to open near 26400 as indicated by GIFTNIFTY, resistance is 26500 on the daily chart as nifty approaches upper bound of larger channel consolidation.
We may see instance of increase in volatility or sudden spikes this week as volatility expands after a brief cooling and geo-political concerns after US kidnapped Venezuelan leader, is seeing massive outrage and concerns by the BRICS and Latin American nations, while North Korea threaten it may start World War 3.
This event may keep the upside limited in the week going ahead and must carefully navigate the market and not calm markets likely, on the downside support is now seen at 26200 and 25900 for the week.
Below 25900 we may see liquidation in market up to 25000, tail risk probability is lower at this point but may increase on how the current global risk scenario evolves.
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