During today's
session, the market started weak and selling was accentuated throughout, as the
market closed at the 17213.60 level with a loss of 302.70 points. The Bank
Nifty ended at 37995.45, a loss of 793.90 points.
Since the last three trading sessions, the Nifty has been trading with lower highs and lower lows, indicating weakness in the counter for the time being. Further, the index has broken
below the rising trend line and is trading below the middle band of Bollinger
bands, which suggests downside movement in the stock.
Stock markets were under pressure as strong US jobs data led to fears of
steeper than expected rate hikes by the Federal Reserve, resulting in a spike
in bond yields. Due to domestic inflation and global central bank policies tightening, there is a high likelihood that the market will remain volatile.
|
RESISTANCE |
R1 |
R2 |
R3 |
|
|
17455 |
17697 |
18104 |
|
SUPPORT |
S1 |
S2 |
S3 |
|
|
17048 |
16883 |
16476 |
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