MARKET SUMMARY :- The benchmark index falls -1.14% to close at 10128. The Nifty 50 opens gap up and extend gains to touch intraday high of 10279 but later correct to the day worst level after china’s retaliate to the US Trade policies.
In Previous report I mentioned that if Nifty index holds above 10230 level then its short term target will be 10270-10350 in the coming time. In today’s trading session we saw that Nifty hits it first given target of 10270 and later falls below the support level on trade war tension.
Nifty 50 10128 :-On Charts, The Nifty 50 index erased previous two days gain and forms a Bearish engulfing pattern. The Nifty index falls after unable to hold above the downward sloping resistance line.
For more information on product click here: –https://moneyites.com/nifty-option-tips/
The index has immediate support at 10090 level below that further correction to the level of 10025-9950 can be seen and it has immediate resistance at 10170- 10250 level on the upside.
Bank Nifty 24129 :- On Charts. The banking index forms a long bearish candle and closed near the day low with weakness. The index has immediate support at 24000 below that 23800-23600 can be correct on the downside and it has near term resistance at 24330-24500 on the higher side.
For the 2 days, free trial Log on to https://moneyites.com/ and registered yourself.
Domestic Risk :- Expectation of A Hawkish stance by RBI doesn’t supporting for a strong bull rally in the short term. The Vice versa of this along with strong earning session is the exception for the same.