Live
- Nizamabad MP Dharmapuri Arvind and Jagtial MLA Dr. Sanjay Kumar Meet CM Revanth Reddy
- Hyderabad CP CV Anand Issues Stern Warning to Bouncers
- MP Laxman Criticizes Police Conduct, Calls for Support for Victims' Families
- Fire Breaks Out in Kachiguda-Chennai Egmore Express, Passengers Evacuated Safely
- CM Revanth Reddy Condemns Attacks on Film Personalities' Homes, Calls for Strict Action
- Victory Venkatesh and Nandamuri Balakrishna to Set Screens on Fire with Unstoppable Season 4
- Over 71.81 crore Ayushman Bharat Health Account numbers generated: Centre
- In special gesture, Kuwait's Prime Minister sees-off PM Modi at airport after conclusion of historic visit
- Veer crowned PGTI Ranking champion, Shaurya wins emerging player honour
- Sr National Badminton: Unseeded Rounak Chauhan, Adarshini Shri reach singles semis
Market Insight: Resistance is at 16,923 and 17,400 level
Benchmark Index ends with rangebound play as its day range was well within the previous day making it an NR1 pattern indicating compression.
Benchmark Index ends with rangebound play as its day range was well within the previous day making it an NR1 pattern indicating compression.
Price action, as suggested, is overdue for this compression after a prolonged continuous expansion. The market is holding onto the key support it established in December at 16,400 and that is the last line in the sand for bulls as a close below that will indicate deeper correction in the offing.
It is important to note Nifty bank is below its crucial short and long-term moving average. Technically, it is the strength in metals for the last few days that is helping Index to sustain and today it was much the same along with HDFC Life, Tata Steel, Hindalco, and Reliance.
On the upside, the resistance is placed at 16,923 and 17,400 in the short term while on the downside 16,400 holds the key.
(The author is Technical Analyst at Finversify)
