Wednesday’s optimistic closing was followed by flat opening and we witnessed bouts of profit booking throughout the session. In the process, the Nifty ended the day with a marginal loss of 0.16%.
Looking at the two hour chart, we are seeing the formation of bearish divergence and index is hovering near the 261.8% extension of its swing move from the top of 10252 to the bottom of 10123.
Thus, we may see some bit of profit taking in the near term hence traders are advised to adopt stock centric approach. For the day, 10400 / 10375 are intraday support whereas 10445 / 10480 are the resistance for the day.
Bank Nifty Spot Chart
After confirming its breakout from broad consolidation in its previous trading session, the Nifty Bank index opened on flat note and hit another all-time high of 25599 during the initial hour of trade. Subsequently, mild profit booking during the second half pull index lower from its early morning high. In the process, index eventually ended with a nominal loss of 0.25%. Going forward, we maintain our positive view and expect the ongoing momentum to continue.
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For the day, 25525 / 25620 are the resistance whereas 25330 / 25235 are the immediate support.
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