Page 2 - Tech View News Today

The Nifty Pharma index was trading 0.52 per cent up at 19224.85.

The Nifty Bank index was trading 0.13 per cent down at 49168.5.

The 30-share BSE Sensex closed up 128.33 points at 74611.11

Nifty on Wednesday ended about 39 points lower to form a Shooting Star pattern on the daily chart to indicate a strong possibility of further weakness from current levels.

Niftys short-term uptrend seems to have resumed after one day of weakness. The next upside levels to be watched are around 22,800-22,900. Immediate support is at 22,500, said Nagaraj Shetti of HDFC Securities.

Niftys short-term trend seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22,300 and the weakness below this support could trigger more declines.

Analysis of Nifty Put options indicates a concentration of Open Interest (OI) at the 22,500 level, suggesting potential support. On the Call side, significant OI concentrations are observed at the 22,900 and 23,000 levels, nearing all-time highs.

A total of 3,578 shares changed hands on the counter till 10:20AM (IST)

The Nifty Pharma index closed 0.96 per cent down at 18463.75.

The psychological mark of 22,000 holds intermediate support, followed by strong support of the 21,800-21,700 subzone. On the higher end, the 20-DEMA placed at 22,300, followed by a bearish gap of 22,430-22,500, is likely to act as a daunting task in the near period and an authoritative breakthrough could only re-strengthen the lost momentum to the bulls of D-Street, said Osho Krishan of Angel One.