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 that the technical setup remains unchanged as the index failed to break above any significant moving averages despite a smart recovery today following a weak start. «Sentiment appeared to have improved throughout the session. If Nifty moves above 23,700, it could advance towards 23,900-24,000. On the lower end, support is placed at 23,550,» he said.
Here's breaking down of the pre-market actions:
STATE OF THE MARKETS
- Tech View: The Nifty index continues to trade in a tight sideways range, with narrow price action and recurring indecisive candlestick patterns highlighting the absence of a definitive trend, Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities said while decoding the Nifty chart.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 3.39% to settle at 14.45 levels.
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