Market Update
Harsh Patel
Founder
The ping-pong Geo-Political sentiment keeping investors guessing on the direction, while Macros deteriorate, Will Nifty see a breakdown?
NIFTY Hourly Chart
SUPPORT: 23350-23300 RESISTANCE: 23500-23600
The Indian market took sharp U-turn from 23300 on Monday as IT stocks rallied 6% in two days from oversold levels and continuous slide in Rupee to 96.38/$, however in the 2nd half market gave up some gains to close flat 23618, -30 points from high of 23782 on Tuesday.
GIFTNIFTY is indicating a lower opening to 23400 levels, 23,350-23300 is crucial support zone for the recent consolidation post downside reversal, breach of same may intensify selling activity and open doors for 22500 level for monthly expiry.
A failure to sustain below 23300 may lead to another temporary upswing in intraday and keep the market sideways.
Keep caution market is likely to be over driven by rumors and news based algo moves as FII/DII basket activity is very prominent in the market, we expect gradual fuel price hikes to continue till it reaches equilibrium level.
Tradzo maintains cautious view and Nifty target of 19000-17000 for 2026 as per Global Macro-economic headwinds led Recessionary-Tail Risk and advice to reduce weak long positions in overvalued stocks based on trailing valuations and ignoring over-estimated forward ratios.
Read full of Analysis of Nifty50 here for broader view.
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Tradzo Research
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