The domestic benchmark indices opened on a negative note, in line with global cues. The Nifty started the day flat to negative and witnessed selling pressure in the first half. However, the index absorbed the weakness and rebounded in the second half, leading to a positive close  at 24,936. The volatility index, INDIA VIX, cooled off by 6.43%, settling at 14.24, signaling a drop in market volatility. Technically, the index found support near the 34-DEMA, which is placed around the 24,720 level, and witnessed a pullback, leading to the formation of a green candle on the daily scale. However, the index is still positioned below the trend line resistance, which is around the 25,100 level.

In the short term, any bounce near 25,100 should be seen as an opportunity to book profits. Bank Nifty opened on a negative note on Monday but, after initial volatility, the index recovered and settled the day on a positive note at 51,118. Technically, on the daily scale, the index formed a piercing line candle, indicating strength. If the index manages to hold today's low of around 50,370, a pullback rally towards 51,500-51,800 could be possible in the short term.

Hrishikesh Yedve is AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

DISCLAIMER
ADHERENCE TO GUIDELINES ON ONLINE ADVERTISING ISSUED BY ADVERTISING STANDARDS COUNCIL OF INDIA (ASCI)
This is a Sponsored Post published as provided and UdaipurTimes does not endorse any information provided in this post. This may involve an element of financial risk and may be addictive. Please act on your own accord.