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"We expect the Nifty to consolidate within a broader range of 10,300â10,600 amid stock specific action as we are going through the Q4 earnings season," says Dharmesh Shah of ICICI Direct.com.
âTrend remains negative as long as it trades below 10,500.â says Jaydeb Dey, Technical Analyst at Stewart Mackertich Wealth Management Ltd.
As per the options data, the support level for Nifty has shifted lower in the May expiry compared to last week. As per the options data, the support level for Nifty has shifted lower in the May expiry compared to last week.
The Sensex closed lower by 306.33 points at 34344.91, while the Nifty was down 106.30 points at 10430.40. The Sensex closed lower by 306.33 points at 34344.91, while the Nifty was down 106.30 points at 10430.40.
Global research firms have remained mixed on their views on the stocks. Among marquee PSU bank names such as PNB, Canara Bank they have expressed surprise on the worsening asset quality.
"The market appears to be in a correction phase with upside resistances now shifting down to 10,650â10,600 levels," says Mustafa Nadeem, CEO, Epic Research âDonât rule out the possibility of a counter pullback in Nifty towards 10,630 levels,â says Jaydeb Dey, Technical Analyst at Stewart Mackertich Wealth Management Among put options, the 10,500 strike price still has the highest open interest of nearly 60 lakh shares.Tags : MoneyControl, Money Control, MoneyControl india business news, money control stock markets, moneycontrol market outlook, moneycontrol finance news
