On Tuesday, the Nifty index remained under pressure right from the beginning of the trade and corrected sharply to end the session near the lowest point of the day. The impact of bearish divergence mentioned in our previous update seen as index nosedived sharply. Due to yesterday’s fall, the Nifty index broke the upward sloping trend line drawn on hourly chart. At this juncture, index is oscillating near the hourly 89-EMA which likely to provide an immediate support. Going forward, 10310 will act as an immediate support below which Nifty likely to correct till 10240. Higher side, 10380 / 10445 are the immediate hurdle.
Bank Nifty Spot Chart
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The Nifty Bank index too remained under pressure and lost nearly a percent over its previous close. During the day, index opened higher with a gap of nearly 100 points however index surrendered all its gains and corrected gradually throughout the session. At this juncture, index is approaching towards its breakout zone which likely to provide an immediate support. Going forward, 25170 / 25100 zone will act as a strong support below which the strong support placed at 24800. On the other side, 25400 / 25520 are the immediate hurdle.
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