Market Update
Harsh Patel
Founder
NIFTY Pre-open indicates a flat opening to 26155, 26200-26100 to act as intraday range today, after a choppy session on Thursday, breach on either side to provide directional trade.
Nifty Hourly Chart
Support levels: 25900 Resistance levels: 26200
Nifty faced resistance at 26200 on Thursday on a choppy trading session and support at 26100, a decisive breach above 26250 is required on the higher side for further upside in the market, a contra short bet with SL of 26250 may work well in event of reversal on hourly chart for a target of 26000.
India Vix is still below 10 suggesting limited intraday swings and one way direction in the market, however we may see instance of increase in volatility or sudden spikes in coming week as volatility expands after a brief cooling.
The broader market breadth remain weak and major contribution is coming from basket of 6-8 stocks, unless breakout is confirmed with buying in broader market or with volume there are chances of breakout spikes getting nullify.
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