Nifty:22643.4/223.45/1%;CandleOGU,Long day green:; Bank Nifty:49424.05/1223/2.54% Candle:OGU,Long day green ; HB:OGU,Long day green,1529,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long43%FutCash;169;Opt94%
OI data Nifty ( max pain W22550M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Indus Towers, Indian Oil Corporation, Adani Energy Solutions, Adani Total Gas, Castrol India, Central Bank of India, Cholamandalam Investment and Finance Company, Exide Industries, Fino Payments Bank, Five-Star Business Finance, Havells India, Nuvoco Vistas Corporation, REC, and Symphony will release quarterly earnings on April 30.
The NSE has added Biocon to the F&O ban list for April 30, while retaining Vodafone Idea to the said list.
Market wrap up(DWM,T,N,E):The market momentum turned strong especially after negating the bearish Dark Cloud Cover pattern formation seen in Friday’s trade and continued to trade above all key moving averages, which is a positive indication. Hence, the Nifty 50 is likely to move towards its previous record high of 22,776 in the coming sessions and closing above the same can take the index towards 23,000 mark in May series itself, with immediate support at 22,500 and key support at 22,300, experts said. On April 29, the BSE Sensex jumped 941 points or 1.28 percent to 74,671, while the Nifty 50 climbed 223 points or 1 percent to 22,643 and formed long bullish candlestick pattern on the daily charts, after the long negative candle of Friday. “Technically, this pattern indicates a counterattack of bulls and a negation of previous bearish pattern of Dark Cloud Cover of Friday. This is positive indication and is expected to open more upside in the coming sessions,” The crucial hurdle of 22,500 levels (opening downside gap of April 15) has been challenged once again on Monday and Nifty closed above the said resistance area. The larger degree bullish pattern of higher tops and bottoms is intact and the Nifty is now moving up towards the new higher top formation of the pattern (above 22,775 levels), “The next upside levels to be watched around 22,800-22,900. Immediate support is at 22,500,” Rajesh Bhosale, technical analyst at Angel One, also feels the Nifty is anticipated to venture into uncharted territory in the near future. Therefore, traders are advised to maintain a positive stance and view dips as buying opportunities, he advised. “The previous high zone around 22,775 – 22,800 is expected to serve as immediate resistance before the index heads towards the 23,000 mark,”
Nifty:22419.95/-150.4/-0.67%;Candle:OGU,; Bank Nifty:48201.05/-293.9/-0.61% Candle:OGU,Short day red, ; HB:OGU,Doji,1511,,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long35%FutCash;-3409;Opt90%
OI data Nifty ( max pain W22500M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:UltraTech Cement, Birlasoft, Can Fin Homes, Fedbank Financial Services, Indostar Capital Finance, Jana Small Finance Bank, KFin Technologies, KPIT Technologies, PNB Housing Finance, Poonawalla Fincorp, Shoppers Stop, Tata Chemicals, Trent, and UCO Bank will release March quarter earnings on April 29.
The NSE has retained Vodafone Idea to the F&O ban list for April 29.
Market wrap up(DWM,T,N,E):The formation of the dark cloud cover pattern on the daily charts on April 26, the first day of May series, after consistent uptrend in the last five sessions indicated some nervousness on the Street , But, as long as the Nifty 50 holds 22,300 point, the low of last Thursday’s long bull candle which has decisively filled the downside gap created on April 15, any major selling pressure looks unlikely, whereas on the higher side, 22,600 is expected to be a crucial hurdle for further uptrend towards the 22,800 level, experts said. On April 26, the BSE Sensex jumped 609 points to 73,730, while the Nifty 50 was down 150 points at 22,420. “After a decisive upside breakout of the crucial downside gap resistance of April 15 on Thursday at 22,500 levels, the Nifty subsequently reacting down in the next session may not be a good sign for bulls,” Nifty seems to have reversed down after a reasonable rise from the lows. “Immediate support is placed at 22,300 and the weakness below this support could trigger more declines ahead. Immediate resistance is at 22,625 levels,” According to Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, until the zone (22,560 – 22,625) is not taken out decisively, one can expect the consolidation to continue. The Nifty Midcap 100 and Smallcap 100 indices continued to trade higher for sixth consecutive session, rising 0.8 percent and 0.6 percent respectively.
Nifty:%;Candle:OGD,Long day green; Bank Nifty:% Candle:OGD,Long day green ; HB:OGD,Short day green,1512
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long39%FutCash;-2823;Opt93%
OI data Nifty ( max pain W22500M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
The NSE has added Vodafone Idea to the F&O ban list for April 26, while removing Aditya Birla Fashion & Retail, SAIL, and Hindustan Copper from the ban
Market wrap up(DWM,T,N,E):Given the major strength in the bulls camp with decisively breaking out the consolidation range and climbing above all key moving averages, the Nifty 50 is expected to march towards 22,700-22,800 in the coming sessions of the May series, with immediate support at 22,500 and key support at 22,300 level. Still, considering the consistent uptrend in the previous five consecutive sessions, a bit of consolidation can’t be ruled out before getting into new leg of up move, experts said. On April 25, the expiry day for April derivative contracts, the BSE Sensex rallied 487 points to 74,339, while the Nifty 50 rose 168 points to 22,570 and formed a strong bullish candlestick pattern on the daily charts which engulfed the previous two red candles. In fact, the index has surpassed the crucial overhead resistance of opening the downside gap of April 15 at around 22,500 levels. This is a positive indication and is expected to result in more upside for the market ahead, Nagaraj Shetti, senior technical research analyst at HDFC Securities said. The positive chart pattern like higher tops and bottoms is on the cards. Having formed a new higher bottom in the last week at 21,777 and has moved above the key hurdle, the Nifty is expected to move up from here to form a new higher top of the pattern around 22,800 levels, he feels. Overall, he believes the short-term uptrend seems to have resumed after a small pause. “Immediate support is at 22,470.” Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas also feels the hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus he expects the positive momentum to continue over the next few trading sessions.
Nifty:22402.4/34.4/0.15%;Candle:OGU,Doji; Bank Nifty:48189/218.55/0.46% Candle:OGU,Doji ; HB:OGU,Doji,1512
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long31%FutCash;-2512;Opt%
OI data Nifty ( max pain W22350M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Bajaj Finance, IndusInd Bank, Nestle India, Tech Mahindra, Vedanta, ACC, L&T Technology Services, AAVAS Financiers, Coromandel International, Cyient, Glenmark Life Sciences, Himadri Speciality Chemical, Laurus Labs, Mphasis, Olectra Greentech, Schaeffler India, Tanla Platforms, Tata Teleservices (Maharashtra), UTI Asset Management Company, and Zensar Technologies will release quarterly earnings on April 25.
The NSE has added Aditya Birla Fashion & Retail, and SAIL to the F&O ban list for April 25, while retaining Hindustan Copper to the said list. Vodafone Idea, and Zee Entertainment Enterprises were removed from the said list.
Market wrap up(DWM,T,N,E):The market reached to the critical resistance level of 61.8 percent Fibonacci retracement and a bearish gap (created on April 15), i.e. 22,400 level on the Nifty 50 and bulls continued upward journey for four days in a row on April 24 ahead of expiry of April derivative contracts. The index has been facing hurdle at 22,450-22,500 levels on the higher side, hence if the index decisively closes above 22,500-mark, then record high levels can be achievable in coming sessions, with support at 22,300, experts said. Till the index trades below 22,500 consolidation is likely to continue, they added. On April 24, the BSE Sensex rose 114 points to 73,853, while the Nifty 50 climbed 34 points to 22,402 and formed small bearish candlestick pattern with minor upper shadow, which to some extent resembles Doji kind of pattern on the daily charts. “This pattern typically signals uncertainty, particularly as it coincides with a critical resistance level of 61.8 percent retracement and a bearish gap. Going ahead, the 22,500 level remains a significant resistance on the monthly expiry day, but a sustained trade above 22,500-22,550 could trigger further upward movement, potentially driven by contract adjustments,” Conversely, he feels immediate support levels are identified at 22,300-22,250, with a pivotal support zone around the bullish gap of 22,200-22,180. Traders should closely monitor these levels, as a period of consolidation may precede a directional move on the expiry day, he advised. According to Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, a brief consolidation is likely to continue considering the sharp run-up. “The hourly momentum indicator has a negative crossover which also suggests some consolidation before it starts a new cycle on the upside.” The broader markets continued to outperform frontline indices as the Nifty Midcap 100 and Smallcap 100 indices gained 0.8 percent and 0.4 percent, respectively. Meanwhile, the India VIX, the fear gauge, rebounded 0.78 percent to close at 10.28 level, after falling nearly 20 percent in previous session.
Nifty:22368/31.6/0.14%;Candle:OGU,Short day red; Bank Nifty:47970.45/45.55/0.1% Candle:OGU,Short day red ; HB:OGU,1511
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long%FutCash;-3044;Opt%
OI data Nifty ( max pain W22300M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Hindustan Unilever, Axis Bank, LTIMindtree, Nippon Life India Asset Management, Macrotech Developers, Syngene International, 5paisa Capital, Anant Raj, AU Small Finance Bank, Chennai Petroleum Corporation, Dalmia Bharat, DCB Bank, Equitas Small Finance Bank, Indian Hotels, MAS Financial Services, Oracle Financial Services Software, and Supreme Petrochem will be in focus ahead of quarterly earnings on April 24.
The NSE has retained Hindustan Copper, Vodafone Idea, and Zee Entertainment Enterprises to the F&O ban list for April 24. Biocon, Piramal Enterprises, and SAIL were removed from the said list.
Market wrap up(DWM,T,N,E):Considering the significant fall in volatility, may be with the hope of easing geopolitical tensions a bit and continuation of higher highs, higher lows formation along with the index trading above all key moving averages, the market may continue its northward journey in the coming sessions with resistance at 22,400 (which coincides with the 61.8 percent Fibonacci retracement) and 22,500 levels on the Nifty, experts said. The 22,200 level can act as a support to the index, they added. On April 23, the benchmark indices faced profit booking at higher levels and closed the volatile session with moderate gains, extending the upward journey for third consecutive session. The BSE Sensex rose 90 points to 73,738, while the Nifty 50 climbed 32 points to 22,368 and formed bearish candlestick pattern on the daily charts as the closing was lower than opening levels. “A minor resistance at the 61.8 percent Fibonacci retracement around 22,400 in the Nifty is expected to overcome, leading to a rally towards 22,500-22,600 levels,” Om Mehra, technical analyst at Samco Securities said. The RSI (relative strength index) is holding the 50 level strongly. Immediate support remains at 22,250 and any short-term retracement will be seen as a buying opportunity, he said. The options data also indicated that 22,400-22,500 is expected to be hurdle where decent open interest has seen. The immediate support for the index is placed around 22,200 followed by 22,030-22,000 zone, Ruchit Jain, lead research at 5paisa.com said The market breadth remained positive for yet another session as three shares advanced for every two falling shares on the NSE. Meanwhile, the India VIX, the domestic gauge for volatility, has dipped 19.72 percent to 10.2, the lowest level in nearly 9 months, which provided comfort to bulls.
Nifty:22336.4/189.4/0.86%;Candle:OGU,Short day green; Bank Nifty:47924.9/350.75/0.74% Candle:OGU,Doji ; HB:OGU,Short day red,1516,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long34%FutCash;-2915;Opt96%
OI data Nifty ( max pain W-2915M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Tata Consumer Products, Tata Elxsi, ICICI Prudential Life Insurance Company, Mahindra & Mahindra Financial Services, Mahindra EPC Irrigation, Multi Commodity Exchange of India, 360 ONE WAM, Cyient DLM, Huhtamaki India, LKP Securities, and NELCO will be in focus ahead of March FY24 quarter earnings on April 23.
The NSE has added Hindustan Copper to the F&O ban list for April 23, while retaining Biocon, Vodafone Idea, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list. Balrampur Chini Mills, Bandhan Bank, Exide Industries, and Metropolis Healthcare were removed from the said list.
Market wrap up(DWM,T,N,E):Given the continuation of uptrend with higher high, higher low formation and closing above crucial 22,300 mark, the Nifty 50 is likely to climb towards 22,400-22,500 levels in coming days with support at 22,200-22,000 zone, experts said, adding if the index reclaims and holds 22,500, then a march towards record high can’t be ruled out. On April 22, the benchmark indices extended their upward journey for second consecutive session with the BSE Sensex rising 560 points to 73,649. The Nifty 50 climbed 189 points to 22,336 and formed Dragonfly Doji kind of candlestick pattern on the daily charts as the closing was near opening levels, indicating the indecisiveness among bulls and bears about further market trend. “Having formed this pattern after one day of upmove, this doesn’t signal any significant alertness for bulls at the highs,” Nifty has moved above the initial hurdle at 22,300 levels and is expected to encounter strong resistance at 22,500 levels (opening downside gap of April 15) in the short term, he said, adding if Nifty manages to sustain above 22,500, then the market could even reach new all time highs in the near term. “Immediate support is at 22,260 levels.” Meanwhile, Rajesh Bhosale, technical analyst at Angel One, advised traders to remain vigilant and avoid complacent bets. “Key levels to monitor for Nifty are around 22,400 – 22,500, coinciding with a bearish gap and the key 61.8 percent retracement level, while the bullish gap around 22,200 – 22,150 is expected to provide immediate support,” The sharp fall in volatility also put the bulls at comfortable position. The India VIX, the fear gauge, fell by 5.62 percent to 12.70 level, after rising for previous five days in a row, while the market breadth was positive as nearly three shares advanced for every one falling share on the NSE.
Nifty:22147.5/122.5/0.56%;Candle:OGD,Long day green; Bank Nifty:47574.15/504.7/1.07% Candle:OGD,Long day green ; HB:OGD,Long day green
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long35%FutCash;129;Opt93%
OI data Nifty ( max pain W22200M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Reliance Industries, Aarti Surfactants, Aditya Birla Money, Mahindra Logistics, Rallis India, Tejas Networks, Tamilnad Mercantile Bank, Hatsun Agro Product, Kesoram Industries, and K P Energy will be in focus ahead of quarterly earnings on April 22.
The NSE has added Biocon to the F&O ban list for April 22, while retaining Balrampur Chini Mills, Bandhan Bank, Exide Industries, Vodafone Idea, Metropolis Healthcare, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list. GNFC, Hindustan Copper, and National Aluminium Company were removed from the said list.
Market wrap up(DWM,T,N,E):With the strong recovery from day’s low and formation of Bullish Piercing Line kind of pattern as well as Double Bottom kind of pattern formations on April 19, the market seems to have done with the correction and may see further recovery in the coming sessions, experts said, adding the immediate resistance is expected to be 22,200-22,300 levels and 22,000 may act as a support for the Nifty 50. On the fundamental side also, experts do not see major escalation in Iran-Israel conflict given the Brent crude futures started trading below $90 a barrel now. On April 19, the BSE Sensex recovered nearly 1,300 points from day’s low and closed with 599 points gains at 73,088, while the Nifty 50 rose 151 points to 22,147. The index opened on a sharply negative note on the backdrop of geo-political issues in the Middle East. The upside recovery resumed from the early part of the session and the upmove continued in the mid to later part of the session. The opening downside gap has been filled completely. “A long bull candle was formed on the daily chart after opening at the lows. The present chart pattern is indicating a formation of bullish Piercing line type candle pattern and this signal short term bottom reversal for the market,” The Nifty held above the support around 21,750 level, which is near to the previous swing low of March 20. This could be considered as a double bottom type formation, he feels. After breaking below the support trendlne, the Nifty regained the lost ground and defended the said trendline on closing basis, which is a positive sign. Hence, Nagaraj feels the short-term trend of Nifty seems to have reversed after forming a bullish reversal-type candle pattern on Friday. “One may expect further upside towards the next resistance of around 22,500 levels in the few sessions. Immediate support is around 22,000 levels.”
Further, the positive divergence on the hourly momentum indicator has now been confirmed by the price action. And hence, “we expect the pullback to continue over the next few trading sessions. Immediate hurdle is placed at 22,300 – 22,500. On the downside 22,000 is the key support to watch out for,” Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas said. The volatility also spiked above the 14 mark during the day but cooled down in the later part of the session and settled below the said level, giving some comfort for bulls, though overall India VIX has been rising for the fifth consecutive session, up 3.2 percent at 13.46 level on Friday.
Nifty:21995.85/-152.05/-0.69%;Candle:OGU,Long day red; Bank Nifty:47069.45/-415.35/-0.87% Candle:OGU,Long day red ; HB:OGd,Short day red,1595
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long32%FutCash;-4260;Opt92%
OI data Nifty ( max pain W22150M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, and KP Green Engineering will release their quarterly earnings scorecard on April 19
The NSE has added Exide Industries to the F&O ban list for April 19, while retaining Balrampur Chini Mills, Bandhan Bank, GNFC, Hindustan Copper, Vodafone Idea, Metropolis Healthcare, National Aluminium Company, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list.
Market wrap up(DWM,T,N,E):The market may continue to consolidate and may again make an attempt to bounce back in the coming session considering the loss of 758 points on the Nifty 50 in previous four sessions, but overall, the sentiment is expected to be favourable for bears and hence experts advised for sell on rally strategy. If the index closes below the rising support trendline in the coming sessions, then next immediate support seen at 21,900 and crucial at 21,700 level, but in case of bounce back, the 22,200-22,300 is likely to be hurdle area on the higher side, experts said. It tested rising support trendline intraday. On April 18, the BSE Sensex declined 455 points to 72,489, while the Nifty 50 fell 152 points to 21,996 and formed long bearish candlestick pattern on the daily charts with above average volumes on the weekly expiry day. “The index tested the lower end of the ‘Channel’ in which it has been trading since last few weeks and thus, 21,950 is a crucial support for the short term. The RSI oscillator on the daily chart is negative indicating a negative short term momentum,” He feels if Nifty manages to trade within this channel, then we should see a pullback move from this support and if this is breached, then we could see an extension of this downmove towards the 89 DEMA, which is placed around 21,740. On the flipside, 22,330-22,380 is the immediate resistance on pullback move, he said. Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, also said on the downside, the Nifty is now approaching the lower end of the rising channel and the 78.6 percent Fibonacci retracement level 22,000 – 21,938. Hence, “it will be a crucial level to watch out for during the next few trading sessions.” Meanwhile, India VIX, the fear index, extended uptrend for four days in a row, rising 3.36 percent to 13.04 level, making the bulls uncomfortable.
Nifty:22147.9/-124.6/-0.56%;Candle:Doji,OGD; Bank Nifty:47484.8/-288.45/-0.6% Candle:OGD,Doji ; HB:OGD,Long day green,1512,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long44%FutCash;-4468;Opt91%
OI data Nifty ( max pain W22200M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Infosys, Bajaj Auto, HDFC Life Insurance Company, ICICI Securities, Mastek, Network18 Media & Investments, TV18 Broadcast, Eimco Elecon (India), Gujarat Hotels, Accelya Solutions India, Oriental Hotels, Reliance Industrial Infrastructure, Surana Solar, and Swaraj Engines will be in focus ahead of quarterly earnings on April 18.
The NSE has added Vodafone Idea to the F&O ban list for April 18, while retaining Balrampur Chini Mills, Bandhan Bank, GNFC, Hindustan Copper, Metropolis Healthcare, National Aluminium Company, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list. India Cements, and Exide Industries were removed from the said list.
Market wrap up(DWM,T,N,E):After consistent correction in the past three consecutive trading sessions following record highs, experts expect the market to enter into consolidation phase with immediate support at 22,100 (which coincides with the 50-day EMA) and key support at 22,000 mark (which coincides with the upward sloping support trendline). In case of bounce back, the 22,300-22,400 are the levels to watch out for on the higher side The formation of Spinning Top kind of candlestick pattern (not a classic one) after the recent downtrend indicated that the market may make an attempt of recovery but experts advised sell on rise strategy as sentiment remains in favour of bears. On April 16, the BSE Sensex plunged 456 points to 72,944, while the Nifty 50 was down 125 points to 22,148. The market was shut on April 17 for Ram Navami. “Technically, the trend has weakened as the index fell below the 21-day EMA (22,342). However, following the sharp decline, the index may find short-term support within the 21,930-22,030 bands, where previous congestion occurred,” Conversely, failure to maintain support at 21,930 could exacerbate panic in the market, he said, adding on the higher end, resistance for the short term is positioned at 22,400. he weekly options data hints at support in the range of 22,000-21950, which also coincides with a rising trendline support. “Only if this support is breached, then one can expect correction towards the 89 DEMA which is placed around 21,750,” said Ruchit Jain, lead research at 5paisa.com. However, he feels as the hourly readings are oversold and the market breadth was positive, there could be a pullback move in the index towards 22,400. Traders should keep a close tab on the above mentioned levels in the index and trade accordingly, he advised.
Nifty:%;Candle:OGD,Short day red; Bank Nifty:% Candle:OGD,Long day red ; HB:OGD,Short day red,1495,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long49%FutCash;-3268;Opt92%
OI data Nifty ( max pain W22400M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:CRISIL, Den Networks, Integra Essentia, Lotus Chocolate Company, and SG Mart will release their quarterly earnings on April 16.
The NSE has added Bandhan Bank, Exide Industries, and Zee Entertainment Enterprises to the F&O ban list for April 16, while retaining Balrampur Chini Mills, GNFC, Hindustan Copper, India Cements, Metropolis Healthcare, National Aluminium Company, Piramal Enterprises, and SAIL to the said list. Vodafone Idea was removed from the said list.
Market wrap up(DWM,T,N,E):Given the nervousness across the globe amid Iran-Israel conflict and formation of bearish candlestick pattern on the daily charts with momentum indicator RSI (relative strength index) showing negative crossover (on daily as well as weekly scale), the market is expected to remain in control of bears and consolidation is likely to continue in the coming sessions with support at 22,200 level, experts said. The breaking of the same support can take the index down further to 22,000 mark, while on the higher side, 22,400-22,500 is expected to be key resistance area, experts added. On April 15, the BSE Sensex tanked 845 points to 73,400, while the Nifty 50 dropped 247 points or 1.1 percent to 22,273 and formed bearish candlestick pattern with upper shadow on the daily charts. “In the coming session, it will be crucial to see if the index manages to take support around the 40 DEMA (days exponential moving average) which is placed around 22,200. This will be an important level for a pullback move in the index,” said Ruchit Jain, lead research at 5paisa.com. Below 22,200, the next supports are placed around 22,000 which is the channel (trendline) support followed by the 89 DEMA at 21,720, he feels. On the higher side, the index needs to surpass 22,500 for a resumption of the uptrend, he said. Hence, he advised traders to stay light on trading positions and be very selective in stock specific trades.Rupak De, senior technical analyst at LKP Securities, also feels the short-term sentiment appears bearish, although a significant decline isn’t anticipated at present. Instead, the index is likely to fluctuate between 22,200 and 22,400, he said. The broader markets have seen more correction compared to benchmarks. The Nifty Midcap 100 and Smallcap 100 indices declined 1.6 percent and 1.7 percent, respectively.
