Market outlook: Nifty and Bank Nifty are likely to remain rangebound until a decisive breakout on either side, says Jatin Gedia, VP - Technical Research at Teji Mandi Investment Technologies.
Chandan Taparia of Motilal Oswal Financial Services expects Nifty and Bank Nifty to trade with a weak bias as long as they remain below 23,850 and 57,250, respectively.
Trading strategy, stock picks today: Jatin Gedia of Teji Mandi Investment Technologies decodes key levels to track on Nifty, Bank Nifty; and 3 stocks to buy basis on technical charts.
RBI's cap on banks' net open forex positions sparks sharp sell-off in banking stocks amid concerns over MTM losses and forced unwinding of dollar-long trades
Bank Nifty has to hold above 56,750 zones for a bounce towards 57,250 then 57,500 levels while a hold below the same could see some weakness towards 56,500 then 56,250 zones
Bank Nifty has to hold above 59,000 zones for a bounce towards 59,500 then 59,750 zones while on the downside support is seen at 58,750 then 58,500 levels
On the daily chart, Nifty formed a bearish candle and continues to maintain a sequence of lower highs and lower lows for the fourth straight session indicating sustained pressure
Chandan Taparia of Motilal Oswal says BPCL share price has broken out of a falling supply trendline on the daily chart with high volumes, supporting positive outlook.
As per the new rules, the index must include a minimum of 14 constituents, compared with the current 12, while the weight of the top constituent will be capped at 20% - down from 33% presently.
The NSE Nifty 50 index can potentially rally to new life-time highs around 28,300 levels in Samvat 2082, while the BSE Sensex can surge to 92,000 levels, suggest technical charts; details here.
