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On the daily charts, Nifty has taken support at the 19,530 – 19,500 zone, where support in the form of 61.82% Fibonacci retracement level of the previous rise from 19333 – 19850 is placed. We expect Nifty to stage a pullback after the recent sharp correction in the past couple of days. ....
BSE Sensex crashed 551.07 points, or 0.83 per cent, to end the session at 65,877.02. NSE's Nifty50 dropped 140.40 points, or 0.71 per cent, to end the day at 19,671.10 for the day. ....
Nifty 50 index closed down 0.71 per cent at 19,671 points, while Sensex lost 0.83 per cent including ten other indices traded in red, , stock market, nifty, sensex, Intraday, investment, pharma stocks, PSU Bank, losses to investors, IPO launch, cipla, dr reddy, oil stocks, icici prudential, biocon ....
The Futures Open Interest (OI) in the Nifty indicated a buildup of fresh short positions in index futures. Call writers were seen offloading their positions at the 19,800 strike, leading to a strong down in Nifty today. A double-top structure around the 19,850 levels is visible on the daily chart. A breakdown below the previous swing low of 19,635 can intensify the selling pressure, which can take the index to 19,480 levels, said Ashwin Ramani, Derivatives and Technical Analyst, SAMCO Securities. ....
The short-term trend remains strong as the index sustains above critical moving averages on the daily timeframe. A "buy on dips" strategy is favored as long as it remains above 19,550. On the higher end, it might move towards 20,000-20,200. ....