9 hrs ago
Indian Market Ends Lower as Volatility Keeps Trading Non-Directional
Indian stock markets had a bumpy day and finished slightly lower.
The Nifty lost 25 points, and the Sensex lost 13 points.
Some parts of the market, such as technology and fast-moving consumer goods, rose by nearly 1 percent.
The Capital Market index fell more sharply.
An analyst said the market did not clearly show whether it wanted to rise or fall.
He suggested that day traders use important price levels to guide their decisions.
Levels around 76,700 and 76,500 may act as support if prices fall.
Levels between 77,000 and 77,300 may act as resistance if prices rise.
The Nifty fell 25 points, while the Sensex declined 13 points.
IT and FMCG indices gained nearly 1 percent each during the session.
The Capital Market index dropped 1.75 percent.
Analyst Shrikant Chouhan described the intraday market texture as volatile and non-directional.
Support was identified at 76,700 and 76,500, while resistance was placed between 77,000 and 77,300.
- Who
- The Nifty, Sensex, sectoral indices, and market participants; Shrikant Chouhan of Kotak Securities provided the technical assessment.
- What
- Indian benchmark indices ended slightly lower after a volatile, non-directional trading session.
- Where
- Mumbai.
- When
- The article does not specify the date of the trading session.
- Why
- The market was described as volatile and lacking a clear direction, prompting a recommendation for level-based trading.
Downside Risks
Upside Potential
Key trading levels
Downside Risks
A break below 76,500 could increase selling pressure and push the index toward 76,200-76,000.
Upside Potential
A move above 77,300 could allow the index to rise toward 77,500-77,700.
Near-term market direction
Downside Risks
Weakness below the support zones could signal further declines.
Upside Potential
Holding above support and breaking resistance could support a further advance.
Key facts
- Nifty performance
- Ended 25 points lower.
- Sensex performance
- Ended 13 points lower.
- Top-performing sectors
- IT and FMCG indices rallied nearly 1 percent.
- Weakest cited index
- The Capital Market index fell 1.75 percent.
- Support zones
- 76,700 and 76,500.
- Resistance zones
- 77,000 to 77,300.
- Upside scenario
- A move above 77,300 could take the market toward 77,500-77,700.
- Downside scenario
- A break below 76,500 could lead to 76,200-76,000.
Quotes
Shrikant Chouhan
Head of Equity Research at Kotak Securities
“We believe that the intraday market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders”
thehansindia.com
Sources
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