Banknifty and Broader Market improved. Nifty still lagging behinAs I mentioned in yesterday’s commentary — if NSE:NIFTY stays above the Pivot level of 24,628, we may see an upmove. And that’s exactly what happened.
Now, Nifty's Pivot has moved up to 24,671.
If Nifty opens below this and stays below it, we might see a down move again.
The Pivot Percentile is 0.21%, which means the move can be sharp in whichever direction the market goes.
The good sign is that on the Intraday chart, Nifty is shifting from a downtrend to an uptrend.
But on the Daily chart, the downtrend is still clearly visible.
Also, in the last hour of trade yesterday, buyers’ volume dropped from 37 million to 26 million, which is a bit concerning.
Putting everything together, the market can remain sideways today.
But keep in mind — if Nifty crosses the Pivot and holds above it, we might again see an upside move.
Today’s Important Levels:
- Support: 24,695
- Resistance: 24,800
NSE:BANKNIFTY looks strong today.
Its Pivot is at 55,603 and the Pivot Percentile is just 0.03% — this means the range is tight, and a sharp move can come soon.
If BankNifty crosses and holds above 55,752, we may see a strong upmove.
And if BankNifty goes up, Nifty can also follow.
Sector Focus:
The Auto sector looks strong today. You can look for good intraday setups there.
How my recent trades performed:
1. NSE:ATHERENERG – Up 14.01%
2. NSE:DELHIVERY – Up 7.39%
3. NSE:UPL – Up 7% (Still holding)
4. NSE:GMDCLTD – Up 6.98%
5. NSE:CUPID – New All-Time High, Up 5.78%
6. NSE:PARADEEP – Up 4.97%
7. NSE:IXIGO – Up 5.19%
8. NSE:CDSL – Up 6.33%
9. NSE:GENUSPOWER – Up 5.15%
That’s all for today.
Take care and have a profitable day ahead!
