Pre-market action: Here's the trade setup for today's session
Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said Nifty traded sideways throughout the day as traders stayed on the sidelines. In the short term, the trend is likely to remain that way due to the absence of any major events this week, he opined. «Technically, Nifty has initial support around 24,470. A break below this level could trigger a correction of 200-250 points. On the higher end, the 24,700-24,750 zone is expected to act as a resistance,» De said.
Here's breaking down of the pre-market actions:
STATE OF THE MARKETS
- Tech View: While markets remained range bound on Monday in the absence of any significant trigger, lately, Nifty has experienced a strong rebound from the swing lows of 23,263, Rajesh Bhosale, Technical Analyst at Angel One said. With small body candles forming over the past two sessions, it appears the market has entered a consolidation phase, with bulls taking a pause, he added.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 0.22% to settle at 14.11 levels.
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