Past week, we saw Nifty 50 continues the slide and made new weekly low of 10850 before finally settled at 10930 after loss of 47 points on the Friday trading session.
The index has registered 4th straight weekly losses on the chart and closed near the weekly low with the negative sentiments.
Nifty 50:- The index forms a bearish candle has shown third straight fall on the daily chart. The index trending downwards and additional sell off triggered after US hikes it interest rate policy last week.
The index fall around 900 points in Sep month, nearer to its 200 days simple moving average of 10773. The index has sell theme and may test the key support level in the coming time.
The index has nearest support at 10850 below that it may test 10810-10770-10745-10710 in the coming time. Whereas it has nearest resistance at 10960 above that it may test 11000-11030-11065-11085 in the short run.
Bank Nifty: – The banking index has nearest resistance at 24920 above that it may test 25000-25110-25250-25380 to the upside, whereas it has nearest support at 24750 below that it may test 24670-24560-24460-24370 in the coming time.
USDINR: – The Currency pair hovering near it key resistance level of 73 in the short run. An upside breakout may cause additional sell off in the market or holding below the level may hope of short term relief in the coming time.
Bottom line: – Moneyites.com recommends market to trade with negative biasness till it’s trading below 11200 for Nifty and 26000 for Bank Nifty in the short run. IT sector to be focused in short- term.