F&O expiry outlook- Nifty resistance placed at 18000-18100, Banking sector to guide stock markets this week
时间:2024-09-27 19:37:00 阅读(143)
By Sameet Chavan
In the initial hour of the trade on Thursday, Nifty 50 slid below 18100, and then as the day progressed, the bears thrashed all key supports one after another. Due to massive sell-off in individual stocks, Nifty eventually plunged below 17900 to conclude the October expiry on a depressive note. In this process, Nifty concluded with a nearly 2% loss, thereby marking the biggest single-day cut after April 12, 2021.
When the market was not correcting, this might have sounded senseless, but historically it’s proven, when things look hunky-dory all around, the euphoric situation takes place and that is the time when the market surprises with a corrective move. This is exactly what we witnessed in the last week or so and on Thursday, finally, the bears looked in complete demand. The anticipation has now turned into confirmation by violating the 18000 mark. We can see the first weakness on the chart which is the ‘Lower Top Lower Bottom’ on daily chart, coinciding with the convincing close below the ’20-day EMA’.
Since the market is a bit oversold, we may see some relief move in between; but traders should not get carried away by such rebounds. On the higher side, 18000 – 18100 would now be seen as immediate hurdles and any bounce back towards it, should be used to lighten up longs. On the flip side, we may see this corrective move extending towards 17700 – 17600 – 17450 in the coming days. All eyes are on the banking space going forward because initially it was a saviour and has become the culprit now. So, it would be interesting to see how it moves going ahead, which is likely to dictate the direction for the overall market.
(Sameet Chavan is Chief Analyst – Technical and Derivatives, Angel One Limited. Views expressed are the author’s own.)
上一篇:Buy these stocks for gains while Nifty’s short-term trend remains choppy, may retest 16800 support
猜你喜欢
- Buy these two stocks for near term gains while Sensex, Nifty consolidate with a downward bias
- PVR Inox stock jumps 3% today after revenue grows 32% on-year; should you buy, sell or hold PVR Inox shares-
- Rajasthan- Stage set for 58th DGP-IGP national conference in Jaipur Today, PM Modi to attend
- Changing dynamics – The fate of currencies in the hands of macros and Geo-politics!
- Buy these two stocks for gains while Nifty uptrend continues; correction below 17434 support not ruled out
- Crude oil holds gains on China rebound, even as US crude stocks rise
- Rally in gold prices may continue
- Corporates getting boardroom ready with botox
- Rakesh Jhunjhunwala owned stock tanks 30% in 1 month; analysts remain bullish, see up to 47% potential rally