Market Update
Harsh Patel
Founder
Nifty is set to open near 25600, retreating from Monday's gain as US markets loses steam on Trump tantrums and economic worries. Will Nifty test the range support of 25400 today?
Nifty Daily Chart
Support levels: 25400-25350 Resistance levels: 25800
Nifty opened higher on Monday but failed to cross 25800, a move below 25600 marks technical reversal to revisit range support of 25400-25350, the only question it happens in today’s expiry or not?
OI concentration in 25700 Calls & 25600 Put suggest the trading range, while the OI change data suggests below 25600, there is no real support that can stop Nifty from falling to 25400, a decisive move sustaining below 25600 would mean retreat to 25400-25350 a likely scenario today.
Looking at the developments in global markets, it seems problems are now now longer hidden underneath and shows clear patter of US Recession worst than 2008 crisis. Fall in Coffee, Cocoa, Eggs and sugar prices to such lows with jobs is a recessionary signal that most analysts are missing at this point, why we are emphasising in on it apart from AI bubble & US housing markets situation is because it speaks of consumer habits in the west. when consumption of daily staples falls its an alarm about the economy one should not ignore.
Tradzo maintains cautious view due to global macro-economic scenarios and to reduce weak long positions due to higher valuation and slowing earnings growth.
Tradzo Research
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