Stock Market Highlights: Nifty breaches 20-DEMA, trendline support. What should traders do on Thursday expiry
Stock Market Highlights: Nifty breaches 20-DEMA, trendline support. What should traders do on Thursday expiry
Nifty Bank closes below 47,000 for the 1st time since 29 February; support seen at 46280: Experts
The Nifty Bank closed in the red on Wednesday for the fourth consecutive day in a row. The index closed below 47000 for the first time since 29th February 2024.
The Nifty Bank index fell more than 300 points to close at 46,981 while the Nifty50 closed 1.5% lower below 22000.
PNB, Bandhan Bank, Bank of Baroda, and Federal Bank were among top index losers while some buying is seen in ICICI Bank, Kotak Bank, and AU Small Finance Bank.
The Nifty Bank index fell more than 300 points to close at 46,981 while the Nifty50 closed 1.5% lower below 22000.
PNB, Bandhan Bank, Bank of Baroda, and Federal Bank were among top index losers while some buying is seen in ICICI Bank, Kotak Bank, and AU Small Finance Bank.
Nifty breaches 20-DEMA, trendline support. What should traders do on Thursday expiry
Nifty on Wednesday ended 338 points lower to slip below its immediate support of the short-term moving average i.e. 20-DEMA and also breached the trendline support.
The bullish pattern like higher tops and bottoms continued on the daily chart and the present weakness could be in line with the new higher bottom formation. But a decisive move below 21,860 levels (last higher bottom of 29th Feb) could negate this bullish setup and that could eventually form a bearish pattern like lower tops and bottoms, Nagaraj Shetti of HDFC Securities said.
The daily momentum indicator had a negative crossover. OI data showed that on the call side, the highest OI was observed at a 22,000 strike price, while on the put side, the highest OI was at 21,800 strike price.
The bullish pattern like higher tops and bottoms continued on the daily chart and the present weakness could be in line with the new higher bottom formation. But a decisive move below 21,860 levels (last higher bottom of 29th Feb) could negate this bullish setup and that could eventually form a bearish pattern like lower tops and bottoms, Nagaraj Shetti of HDFC Securities said.
The daily momentum indicator had a negative crossover. OI data showed that on the call side, the highest OI was observed at a 22,000 strike price, while on the put side, the highest OI was at 21,800 strike price.
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