BTC faced strong rejection after temporarily breaching the previous ATH level. A combination of trendline support and 50% retracement levels from the lows of 29000 odd levels to the recent ATH, from where the current rally began gives a level of 49000-49500 to watch for!
Continued weakness in the global markets and FPI selling are dragging the indices lower. BankNifty is likely moving towards 35000. I am working with an overall target of 32000 in the coming weeks, which is a 38.2% support from the March 2020 lows to the ATH.
Markets fell sharply today, on the back of sharp cuts across global markets. This does not augur well for the indices in the short term. While 17000-17100 is good support, we might see this level breaking in the coming days and the index may test 16500 levels.
