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Nifty formed a bearish candle on the daily as well as weekly chart. For the week, Index fell 1.2 percent.

Nifty opened higher at 18230 to touch the intraday high of 18314 but failed to hold on to the gains. Renewed selling pressure in the afternoon pulled the index down to 18034 before it recovered to close 63 points at 18114.

Nifty traded down for the fourth consecutive, as auto, FMCG, IT, metal and pharma sectors took a hard knock falling up to 3 percent.

Despite a strong opening owing to favourable global cues, domestic indices continued its losing streak succumbing to profit booking and barring banks and realty stocks, all major sectors bled. 

Global market traded green as investors welcomed a surprise interest payment by China’s debt-ridden major property developer. However, the Indian market is impacted by muted Q2 results, which are weak than forecasted due to high input cost.

Benchmark Indices fell for the fourth consecutive session. Strong selling is seen in Metal and IT stocks while buying is witnessed in Banking and Realty stocks. 

Markets remained under pressure for yet another session and lost nearly half a percent. After the initial uptick, the selling pressure resumed as the day progressed which led the Nifty to end lower by 0.3% at 18117 level. Broader markets also traded in sync with the benchmark and both mid cap and small cap ended lower by 1% each. A mixed trend was witnessed on the sectoral front wherein realty and banking ended marginally higher while healthcare, metal and IT settled in the red.

Key takeaway, from the highs of 18604, can be the fact that intraday recovery attempts of last three trading sessions were attracting renewed selling pressure, hinting that the bears are trying to gain upper hand.

Four days of selloff dragged the Nifty to critical support placed around 21 day exponential moving average whose value is placed around 17950 level.

If the weakness persists, Nifty should ideally find some support from where a pullback attempt can be expected.

In that scenario, some kind of consolidation with positive bias can be expected but a breakdown below 17950 on a closing basis can test 50 day simple moving average, whose value is placed around 17400.

Considering the fact that the Nifty has reached its critical support with the four day down move, Traders should remain neutral for the day.

On the sectoral front, IT, metal, pharma, FMCG fell 1-3 percent. Midcap and smallcap fell 1 percent each.

 

Daily Technical Report | 23rd October 2021
Nifty & Bank Nifty Levels | 23rd October 2021
LevelsNiftyBank Nifty
Prev. Close1503033685
S11493833297
S21486333028
S31476532755
S41468632685
R11513333959
R21524334287
R31534034652
R41543134908

Performance Sheet

F&O (Intraday) –
March21
April-21
February-21

Positional Calls –
March21
April-21
February-21

B.RAJENDRA

B.E (Bachelor of Engineering – ECE) 1988-1992
SEBI Certified Research Analyst

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