The image is a market analysis report for NIFTY from LKP Securities. Here’s a breakdown:
Key Takeaways: Market Sentiment (LKP View)
The Nifty index has extended its downward correction, breaking the support level of 23,600 and dropping towards 23,400.
On a smaller timeframe, the index has fallen below the short-term moving average, indicating bearish momentum.
The RSI (Relative Strength Index) at 14-period shows a negative crossover, further supporting the bearish trend.
Support Level: 23,300 is the next major support where the decline might halt.
Resistance Level: 23,550 is the resistance, above which sentiment might improve.
A fall below 23,300 could raise doubts about the recent rally from 21,964.
Market Data (Nifty Spot & Future)
Nifty Spot Price: 23,487 (-0.77%)
Nifty Future Price: 23,522 (-0.77%)
Premium/Discount (Pre/Dis): 35.1 (indicating Nifty Futures is trading at a premium to the Spot price)
Daily Pivot Levels
Resistance 1 (R1): 23,665
Resistance 2 (R2): 23,843
Pivot Point (PP): 23,558
Support 1 (S1): 23,380
Support 2 (S2): 23,274
What This Means: Bearish Trend: Nifty is under pressure and may continue falling unless it finds support at 23,300.
Short-term Strategy: Traders might look for buying opportunities at 23,300 or wait for a breakout above 23,550 to confirm bullish sentiment.
Risk Level: A drop below 23,300 could trigger further downside, challenging recent gains.
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