Nifty futures were trading 22.50 points or 0.14 per cent down at 16,604 on Singaporean Exchange, indicating a gap-down start for BSE Sensex and Nifty 50 on F&O expiry day.
Nifty futures were trading 22.50 points or 0.14 per cent down at 16,604 on Singaporean Exchange, indicating a gap-down start for BSE Sensex and Nifty 50 on F&O expiry day. Analysts expect volatility in stock markets today on the back of monthly expiry of August contracts. Technical charts suggest that post the strong pullback rally, the index has formed a double top kind of reversal formation near the 16700 resistance level, which is broadly negative for the market. “However, the larger texture of the market is still bullish, but for day traders the 16700 level would act as a major hurdle. Above the same, the uptrend could continue up to 16750-16790 levels. On the flip side, a strong possibility of quick intraday correction up to 16580-16550 levels is not ruled out if the Nifty succeeds to trade below 16620,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, said.
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