Nifty Strategy During Market Hours : There is weakness in the market today. At present, Sensex and Nifty are seen trading on decline. Meanwhile, Shivangi Sarda of Motilal Oswal while giving her opinion on Nifty said that a tug of war of bulls and bears is going on in the market. Support base buying is being seen at lower levels in Nifty. IT sector is supporting the market at lower levels but rejection is still visible in the market at upper levels. We think there will be a mixed structure in the market. There will be swing in this but there will also be pressure. Talking from intraday point of view, here you can adopt the strategy of sell on sell on bounce. He further said that lower highs are being seen in the index for 6 consecutive sessions in the market. Short build up is being seen since last two days, hence we feel that the pressure will remain in the market.
He said that the important support level of 23500 has been seen breaking in Nifty. Now the level of 23000 will act as support. On the upside, the level of 23700 will be seen as resistance. However, the hurdle levels appear small as the upside is capped at these levels. However, the IT sector has emerged as the lifeline of the index from the low levels. But this seems like a pull back.
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Motilal Oswal’s opinion on Shivangi Sarda’s Bank Nifty
Talking on Bank Nifty, Shivangi said that lower tops are being formed in this index also for six consecutive sessions. Somewhere in this, the heavyweight shares do not seem to be performing at all. Short buildup is being seen in other banks including Axis Bank. The index has also broken important support levels. It is trading quite comfortably below that. Sell on bounce would be advisable here. There is an important level of 49700 which will now act as resistance. At the lower level, a support is visible at 48500. Sell on bounce strategy should be adopted in Nifty and Bank Nifty. One should remain hedged and trade very smartly in such markets and also try to get out early in such swings.
Market Expert’s Amit Seth’s opinion on the market
Amit Seth of Market Expert said that a slight bounce is being seen today but the reason for this is that back to back selling is seen in the market for the last five days. There has been a daily decline in Nifty, so I think some relief may definitely come. But at the higher level, if there is a recovery of 100 to 150 points from the 200 DEMA which is 23670, then there can be pressure in the market again at the upper level. Overall structural week is visible in Nifty. Day by day selling pressure is not decreasing. Today’s move should not be taken as a trade reversal. Rather, some caution should be exercised. Our advice would be to adopt the strategy of sell on rise in the market.
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