Showing posts with label support levels. Show all posts
Showing posts with label support levels. Show all posts

Stocks Weaken on Correction and Weak Global Cues


BSE Sensex and Nifty50 Drop Half a Percent, Technical Analysts Eye Near-term Uptrend with Chances of Buying Emerging


On February 17, the market experienced a half a percent loss due to a correction in all sectors and weak global cues, following weakness from the previous session's highs. The BSE Sensex fell 317 points to 61,003, while the Nifty50 fell 92 points to 17,944, resulting in small-bodied bearish candle formation with long upper and lower wicks on the daily charts. According to Nagaraj Shetti, Technical Research Analyst at HDFC Securities, this pattern indicates a minor reversal in the market from the highs, and while the present weakness has not damaged the near-term uptrend status of the market, it is choppy with weak bias. The Nifty has support at 17,897, followed by 17,862 and then 17,805. The Nifty Bank extended losses for yet another session, falling 500 points to 41,132, and the index remains in a sell mode as long as it sustains below the level of 41,500. The maximum Call open interest (OI) was seen at 18,000 strike, followed by an 18,500 strike, and an 18,100 strike, while the maximum Put OI was seen at 18,000 strike, followed by the 17,500 strike and the 17,800 strike.

Tags: stock market, trading, BSE Sensex, Nifty50, technical analysis, bearish candlestick pattern, resistance levels, support levels, call option data, put option data, open interest, volume data, market trends, market expert, market analysis