The Nifty50 index is trending weak and may continue its downfall to the third straight day targeting 10580-10500 in the coming time if it continues to trade below the level of 10750 in the short-term.
Bank Nifty:- On the chart, the index is trading in a rising trend channel. The recent peak in the price action is not in line with the RSI indicator. The price action takes the U-turn from the upper resistance line and the sharp correction rally may continue to the level of 26000-26100 in the coming time to its lower support line. The bulls are resting above 27000 in the near term.
Reliance:- STOP LOSS 1100 SELL FOR TARGET OF 1060.
Petronet:- STOP LOSS 225 sell FOR TARGET OF 217.