Market Update
Harsh Patel
Founder
The geo-political risk comes back, earnings speculation keeps market range bound followed by positive domestic outcomes. Read to know how market may react..
Nifty in trades Range bound, 24000-23800 Key support levels to watch out on the downside.
Nifty Hourly Chart
Support levels: 23800 Resistance levels: 24300
Iran-US peace is lasting only till the stock market is open, as markets closes missiles and threats are exchanged, how long the market will keep buying this facade?
Nifty for now is holding above 23800 level, breach of same could trigger selling pressure to intensify with technical evidence of Head & shoulder pattern with a theoretical target of 23100-23000, which is recent swing low level.
Till the Nifty is above 23800, expect stock specific moves in the market driven by earnings, 24000 is immediate support level in Intraday with range of 24000-24250.
Momentum Radar
On the Momentum Radar - Nifty50 basket shows sign of exhaustion or profit booking. On the daily time-frame stocks in negative quadrants dominant stocks with positive momentum, which may keep upside limited in intraday.
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