Elections & Markets: Have the Sensex, Nifty bottomed out? A quick check

The benchmark indices have trimmed their day's losses and are now trading marginally lower amid Reserve Bank of India's (RBI) governor Urijit Patel's resignation and the outcome of the assembly polls in five states. 

The S&P BSE Sensex recovered over 200 points after slipping over 500 points to hit an intra-day low of 34,426.29.

Here are the key levels you should keep a tab on

BSE SENSEX: The index breached 50-day moving average (DMA) with a gap down close on Monday, a cut of 2 per cent closing at 34,959 levels. The earlier swing low stands at 34896, and the index closed near those levels. Earlier, buying was visible at 34,800 - 34,750 as per chart patterns. The Sensex has strong support at 34,000 - 34,080, where the index forms a "Head", as per chart pattern (daily).

NIFTY 50 : The index is currently hovering around levels that witnessed buying in the recent past. For the Nifty50 index, 10,460- 10,440 is the lower range of right shoulder (Head & Shoulder) in the daily chart. The left shoulder reversal falls in 10,190 - 10,140 range, the next support. It faces resistance at 10,620 levels and faces selling pressure at its 200 days moving average, which is at 10,750.

NIFTY BANK : The index is currently trading around 200-day moving average (DMA). The said average helped to break out the chart formation recently. 26,000 - 26,030 (100 DMA) is the immediate buying level, as per daily chart petterns. The  stronger support stays at 25,520 and 25360 - the levels where the index gained momentum in the past.