Key Points
The Gift Nifty was trading around 24,810 level, a premium of nearly 20 points from the Nifty futures previous close...
According to Shetti, the underlying trend of Nifty 50 remains weak amidst range movement and having failed to sustain the recent upside bounce, the market could revisit the lower range of 24,600 - 24,500 levels in the near term...
Dr. Praveen Dwarakanath, Vice President of Hedged.in noted that on the weekly chart, Nifty 50 is taking support at the 20 EMA (Exponential Moving Average), indicating a possible dead cat bounce from the present levels...
Meanwhile, VLA Ambala, Co-Founder of Stock Market Today noted that the Nifty 50 closed at 24,781 range in intraday forming a Head and Shoulders candlestick pattern on the daily chart along with an intraday Bearish Belt Hold candlestick pattern...
Bank Nifty got rejected from the 20 EMA line, indicating a downside in the index from the present levels. The Stochastics is in the overbought region, however, the ADX DI- line is sloping down and the ADX DI+ line is sloping up, indicating a possible bounce..
