Market Update

Hourly Chart

Support levels: 25350 Resistance levels: 25600

Triangular consolidation on hourly chart is getting into tight range and close to breaking the pattern on either side, breaching 25700 on the upside & 25300 on the downside may provide a clear directional bet.

SENSEX expiry day may turnout to be silent with SENSEX hovering around 82500, a move above 82600 may make an attempt to climb to 83000, though probability of it remain sceptical, while on the downside 82200-82000 is the support a breach below same is also less likely looking at the current options data with significant OI concentration in 82000 PUT.

Technically, market participants are waiting for a decisive break on either side with negative bias, meaning a breach on the down side may amplify selling the market. A breach below 25200 or a close 25300 may increase selling intensity for a target of 24800-24500 near recent swing lows.

Tradzo maintains cautious view due to global macro-economic scenarios and to reduce weak long positions due to higher valuation and slowing earnings growth.

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Tradzo Research
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