Stocks picks of the day: Immediate support for Nifty50 is placed at 10,740
Episode 1689, Sep 18, 2019, 02:00 AM
Indian markets came under heavy selling pressure in Tuesday’s session on the back of a surge in crude oil prices along with depreciating rupee as geopolitical tensions spooked investor sentiments.
The Nifty50 indices slipped well below 10,850 mark as call writers seen active in 10,900, and 11,000 strikes. Alongside Bank Nifty also added short positions in Tuesday’s session which points towards more downside into prices in the coming sessions.
From the technical front, the immediate support for Nifty (SPOT) is placed at 10,740 below which further selloff can be seen which could drag the Nifty50 towards 10,600 levels.
However, on the higher side, 10,900 is likely to act as a strong hurdle for the Nifty50. As far as BankNifty is concerned, 26,800 (SPOT) will act as immediate support for the index and we believe that the market is likely to remain under pressure for the coming week as well.
The Nifty50 indices slipped well below 10,850 mark as call writers seen active in 10,900, and 11,000 strikes. Alongside Bank Nifty also added short positions in Tuesday’s session which points towards more downside into prices in the coming sessions.
From the technical front, the immediate support for Nifty (SPOT) is placed at 10,740 below which further selloff can be seen which could drag the Nifty50 towards 10,600 levels.
However, on the higher side, 10,900 is likely to act as a strong hurdle for the Nifty50. As far as BankNifty is concerned, 26,800 (SPOT) will act as immediate support for the index and we believe that the market is likely to remain under pressure for the coming week as well.