Pre-market action: Here's the trade setup for today's session
«Nifty has now edged closer to its previous swing low i.e. around 23800, with banking heavyweights leading the decline and dampening hopes of a recovery once again. Current signals suggest a potential test of the long-term moving average at the 200 DEMA level, around 23,540. Participants should adjust their positions accordingly and prioritize selective stock picking,» said Ajit Mishra – SVP, Research, Religare Broking.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The short-term trend of the Nifty continues to be weak. A slide below 23800 levels could open the next downside target of around 23,500 levels (200-day EMA) in the near term. Immediate resistance is at 24050 levels, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose just over 2% to settle at 14.59 levels.
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