February 12, 2025
Technical View: Nifty ends flat amid volatility, assist at 21,453

The market ended January 9 on a flat notice because the benchmark indices failed to carry on to the positive aspects amid volatility to shut close to the day’s low.

The Nifty opened hole up and prolonged positive aspects because the day progress to the touch the day’s excessive of 21,724. However revenue reserving within the remaining hour, particularly in banking names erased a lot of the positive aspects.

Story continues beneath Commercial

From the day’s excessive, the Nifty fell 180 factors to shut at 21,544.80, up 31.80 factors, or 0.15 p.c, from the earlier shut.

The Nifty witnessed a particularly risky day of commerce, stated Jatin Gedia, technical analysis analyst at Sharekhan by BNP Paribas. “Amid the risky value motion, the Nifty continues to be throughout the broad vary 21,850-21,500,” he added.”

On the way in which down, a number of assist parameters —such because the 20-day transferring common (21,453) and 21,406 (50 p.c of the Fibonacci retracement stage) — shall present cushion in case of a deeper correction.

Financial institution Nifty

The banking index ended 0.5 p.c decrease at 47,242.65 on revenue reserving. It opened above 47,700 and touched the day’s excessive of 47,939.30 however squandered the positive aspects later within the session.

The Financial institution Nifty witnessed continued dominance of the bears as promoting strain intensified from increased ranges. The index faces a powerful hurdle on the 48000, the place a big buildup in open curiosity is see on the decision aspect, stated Kunal Shah, Senior Technical & Spinoff Analyst at LKP Securities.

Story continues beneath Commercial

Story continues beneath Commercial

The quick assist is at 47,000-46,900. A breach would set off aggressive promoting strain, probably resulting in additional draw back, he added.

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