Nifty opened flat, experienced considerable buying demand, and concluded the day on a high note around 24,131 levels. The volatility index India Vix cooled off by 5.12 per cent to 14.43, indicating a drop in market volatility.
Technically, on a daily chart, the Nifty has reclaimed the support of 21-Days exponential moving average (DEMA) and formed a green candle, which indicates strength. On the upside, the index will find immediate hurdle near 24,350-24,360 levels. The 21-DEMA is placed near 24,080, which will act as immediate support for the index followed by 23,570, where the 200-Days exponential moving average (DEMA) support is placed. As long as the index persists below 24,360, traders should focus on booking profits on bounce and wait for fresh breakout.
Bank Nifty opened on a positive note, but after some initial volatility, the index consolidated in a narrow range and settled the day on a positive note at 52,056 levels. Technically, on a daily chart, Bank Nifty has produced an insider bar candle, while on a weekly scale, the index has formed a doji candle, indicating uncertainty. The index is facing strong resistance near 52,500-52,600 levels. On downside, 21-Days exponential moving average (DEMA) is placed near 51,540, which will act as immediate support for the Bank nifty. Traders are advised to book profits on the bounce and wait for a sustained breakout above 52,600.
(View by: By Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates)
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