Market Update
Harsh Patel
Founder
GIFTNIFTY trades at 26058, -80(0.31%) lower from Friday's close. Nifty's range for the days is seen at 25900-26100.
Nifty Hourly Chart
Support levels: 25900 Resistance levels: 26100
Nifty's rebound to 26050 on Friday from 25900 on Trade-deal optimism, but failed to cross 26050.
Despite of the hourly chart showing Double Bottom above 25950, on the daily charts re-testing level of 26050-26090 of Rising Channel Breakdown is a crucial supply zone, making market susceptible to fall unless 26100 is breached on higher side.
The market have entered into December anamoly, suggesting lower volume and increase in sideways activity in the market, giving lesser opportunities to Intraday traders in index.
On the downside 25900 is key technical support and has short build up in puts, below same the down move may resume for the theoretical target of 25300-25000.
Interest rate hike by BOJ in coming week remains a key risk factor, which may result into increasing selling pressure form FII/FPI as carry trade unwinds and equity markets sees flight of capital, which is also evident with rupee sliding, USDINR may cross 91 mark in coming days.
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