Page 10 - Sameet Chavan News Today

Sameet Chavan, Head Research, Technical and Derivatives, Angel One, said the overall market breadth remained buoyant but with a narrow difference, signifying a sense of timidity as Nifty inched towards the crucial hurdle zone.

Sameet Chavan, Head Research, Technical and Derivatives, Angel One, said, the market has shown its intent and it would be just a matter of time before the benchmark would come out from the broader consolidation zone to regain a strong momentum.

Considering the momentum in key sectors, if the Nifty50 decisively surpasses 19,500, then 19,650 is expected to be the crucial area for sharp up-move, while the critical support remains at 19,300-19,250, experts said

A breach 19,170–19,200 can lead to further weakness and the Nifty can slide to 19,050–19,000 in the near term. The sell-on- rise strategy is expected to favour traders until the Nifty surpasses 19,500, analysts have said

Maintaining its winning streak, the Nifty midcap index scaled the 39,000-mark for the first time, propelled by robust buying in counters like Shriram Finance, Max Financial, ABB India, REC and Coforge

The last weeks low point of 19,250 is expected to be crucial this week as well. A breach of this level may pull down the index up to the psychological 19,000 mark, whereas on the higher side, 19,400-19,500 can be critical hurdles, experts said

Indian markets started positively, buoyed by neutral global cues. All sector indices were in the green. Calls and puts indicated resistance at 19,300, while 19,400 and 19,500 showed stronger hurdles. 19250 marked a crucial support level, while Niftys sustainability above 19370-19400 could signal revival.

The US markets weakness led to a sluggish start in the Indian market. Key sectors like IT, oil & gas, metal, and realty were down, while power indices showed a modest rise. Call writers dominated with heavy call writing at 19400 strike, forming a resistance. The breach of 50EMA at 19270 could signal further weakness. Analysts suggest a breach below 19250-19300 range could lead to more decline, while 19500-19650 poses strong resistance.

Analysts pointed out that the rising US bond yields continue to create havoc in world currency markets, fuelling a sell-off in equity markets.

Most sectoral indices trade in the red except for banking and pharma. Key indices lacked strong movement, reflecting market uncertainty. Analysts see the 19,900-19,200 consolidation phase as a healthy retracement and advise accumulating quality stocks during dips.