The weakness with range bound action continued in the market on Wednesday and Nifty closed lower by 41 points amidst choppy movement. Analysts say the underlying trend remains weak and Nifty is expected to find support around 25700-25650 levels in the short term, before witnessing another meaningful bounce from the lows. Any bounce back from here could find strong resistance around 25950-26000 levels.
STATE OF THE MARKETS
- Tech View: Overall market breadth remains weak. A decisive slip below 25,700 could trigger a correction towards 25,500–25,400. On the higher end, the 25,950–26,000 zone is likely to act as a crucial resistance area.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 2.2% to settle at 9.84 levels.
Stocks in F&O ban today
Bandhan Bank
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors net sold shares worth Rs 1,172 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 769 crore.
Rupee
The rupee recovered 55 paise from its all-time low level to close at 90.38 against the US dollar after a volatile trade on Wednesday, amid suspected aggressive central bank intervention.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)