Nifty:19523.55/-192.9/-0.98%;Candle:OGU.Long day red; Bank Nifty:44300.95/-287.35/-0.64% Candle:OGU,Short day red ; HB:Of,Doji,1523,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long31%FutCash;-3364;Opt85%
OI data Nifty ( max pain W19600M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
Market wrap up(DWM,T,N,E):The bears took control over Dalal Street on September 28, the monthly expiry day for futures & options contracts, dragging the benchmark index Nifty50 below 50-day EMA (exponential moving average placed at 19,559) which resulted in the formation of a Bearish Engulfing candlestick pattern on the daily charts. Hence, given the bearish sentiment prevailed in the market, the bears may push the index towards 19,220, the low of the August month if it decisively breaks 19,500 on a closing basis, while on the higher side, the index may face resistance at 19,600-19,700 area, experts said. “On the daily charts, we can observe that the Nifty has closed below the 19,600-19,550 zone where multiple supports were placed. This is a sign of further weakness,” Hence, on the way down, he feels the index can slip further towards 19,500-19,440 which is the 78.6 percent Fibonacci retracement level of the rise from 19,224-20,222. Daily and hourly momentum indicator has a negative crossover which is a sell signal, he said. Thus, he feels both price and momentum indicators suggest that there is a further downside possible over the next few trading sessions. In terms of levels, 19,500-19440 is the crucial support zone while 19,625-19,650 will act as an immediate hurdle zone. The broader markets were under selling pressure with the Nifty Midcap 100 and Smallcap 100 indices falling 1.3 percent and 0.4 percent, respectively, while the fear index, India VIX, jumped to a four-month high, up 10.68 percent at 12.82 levels.
