“Nifty’s Trendline Tango: Bearish Engulfing Spells Trouble in the Index Waters”
Nifty Futures Chart
Nifty experienced a breakdown of the daily trendline and formed a bearish engulfing pattern with significant volume, indicating weakness in the index. The Relative Strength Index (RSI) exhibited a downward slope at 50.7, suggesting the persistence of bearish momentum. Immediate support levels are identified at 21,500-21,400, while hurdles are anticipated at 21,800 and 21,950.
Among the top losers on the Nifty were Coal India, Hero MotoCorp, BPCL, ONGC, and IndusInd Bank, while gainers included Dr. Reddy’s Laboratories, Apollo Hospitals, Wipro, Divis Labs, and HCL Technologies.
Nifty Options CE Chart
Nifty Options PE Chart
Top Nifty Gainers
Top Nifty gainers were Dr. Reddy’s Laboratories, Apollo Hospitals, Divi’s Laboratories, Wipro and HCLTech
Top Nifty Losers
Top Nifty losers were Coal India, Hero Motocorp, Oil and Natural Gas Corporation, BPCL and Tata Steel.
“Bank Nifty Bears Remain in Control“
Bank Nifty Futures Chart
Bank Nifty index experienced continued dominance by bears, with clear rejection observed at higher levels. Closing below the near-term support zone of 45000 signaled bearish sentiment.The index faces immediate resistance at 45100, and a breakthrough could trigger short-covering moves towards 45500 levels. Conversely, the immediate support is at 44800, and breaching this level may intensify selling pressure towards the 44000 mark.
Biggest losers on the BankNifty were Bandhan Bank, Punjab National Bank, Bank of Baroda, State Bank of India and IDFC First Bank.
Bank Nifty Options CE Chart
Bank Nifty Options PE Chart
Top Bank Nifty losers
Top Bank Nifty losers were Bandhan Bank, Punjab National Bank, Bank of Baroda, State Bank of India and IDFC First Bank.
