Nifty trade setup: The Nifty started this week in a little positively. But soon there was weakness. The Nifty slipped below the crucial level of 24,900. However, after 9:35 am, the Nifty overturned a rapid stand and recovered 229 points from the lowest level of the day. Fast purchases in the private banking sector supported this boom and handled the market. Finally, the Nifty closed slightly below 25,100 with a gain of half a percent.
How will the Nifty and bank Nifty move on Tuesday, which levels will be important. Will understand this from experts. But, before that we know what was special in the market on Monday.
Private banks handled, Eternal tossed
The biggest assistants of the Nifty were HDFC Bank and ICICI Bank. Among them, an increase of about 2% and 3% respectively. At the same time, NIFTY’s top gainer remained eternal, which climbed 7% to close at ₹ 275.20. This stock has increased by 30% so far this year, even though its earnings have been fluctuating.
How was the sector wise
Sector Wise, Nifty Financial Services, Nifty Bank and Metals Index made significant contribution to recovery, while Oil & Gas, PSU Banks and FMCG sector declined, which limited the overall market boom.
Nifty Midcap 100 Index rose by 0.62%, while Nifty Smallcap 100 index closed flat.
Focus will be on Tuesday’s results
Further investors will look at the upcoming results of One 97 Communications, Dalmia Bharat, Zee Entertainment, Dixon Technologies, Ideaforge, IRFC and Cyient DLM. Stocks such as Havells India and Oberoi Realty have come after the market closure, they will also be in the focus in Tuesday’s business.
On Monday, the entire session was full of ups and downs as the traders were waiting for clarity on the latest developments of the US-India.
What are Nifty 50 charts indicating?
According to Nagraj Shetty of HDFC Securities, the lowest level of 24,882 on Monday can now be considered a new ‘lower low’. So if the market goes up, it can become a chance of selling. However, if the Nifty exits firmly over 25,250, the trend of the current recession may change.
According to the metaphor de of LKP Securities, Nifty found support for 50-day EMA on the Daily Chart, which led to intraday recovery. There will be 24,900 important support further, it will give more strength to breakdown below, while there is resistance at 25,200–25,260.
Possibility of further speed in Nifty?
Nandish Shah of HDFC Securities said that the Nifty is honoring its 50-day EMA (currently 24,938) for two consecutive sessions. Today’s recovery and strong closinging indicate that there is a possibility of further speed. Long position can be made by cutting shorts, keep a stop-loss of 24,900 and there will be 25,255 resistance at the top.
Rajesh Bhosle of Angel One described 24,900 as ‘Make-or-Break Zone’. As long as this level remains intact, the market direction can remain positive. The range of 25,200–25,250 is an important resistance. It matches 20-day EMA and the swing of last week. The breakout over it can again begin a series of boom.
What will happen next in Nifty Bank?
The Nifty Bank index closed at 56,952.75 with a gain of 1.19%, the strongest one -weeks of the last two weeks. It showed a sharp rebound after testing the Rising trendline and formed a bullish candle on the daily chart.
The index has regained the 9-day EMA, indicating that the speed of the short-term decline can now slow down, although it is still under 20-day EMA.
According to Om Mehra of Samco Securities, the level of 56,600 will be immediate support, which matches the trendline. At the top, if the index is closed above 57,100–57,200, it can create a new Momentum towards 57,450.
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