The opening session of the week began with half a percent downside gap on the back weak Asian bourses. Right from the opening tick, our benchmark index experienced enormous selling pressure in some of the index heavyweights. As a result, despite marginal recovery in the midsession, the index eventually closed almost at the lowest point of the day.
On the sectoral front, the FMCG, Consumer Durables and IT conglomerates ended in the red; whereas the Realty and PSU counters outperformed our benchmark index. The advance to decline ratio was in favor of the advancing counters.
A four day winning streak has finally come to end as the index trimmed by a percent during yesterday's session. Going forward, previous highs of 6305 6358 levels are seen as major resistances for the index. In our previous report, we had mentioned that the Nifty is currently trading at the multiple resistance zone and in the past, the market had a tendency of reversing from these levels.
On the downside, 6222 level would act as a crucial support for the index. A sustainable move and close below this level would open up the possibilities of a further downside towards 6070 levels. However, looking at the higher degree charts if the index manages to take a support around 6222 level, then possibility of a new all-time high cannot be ruled out. At present, we advise traders to adopt a stock specific approach and keep revising stop losses in order to safeguard their profits.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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