Business
The immediate resistance level as measured by the 200-DMA is 11224 which is well above the current Nifty levels, indicating that the markets are still in a bearish trend
Updated : Sep 17, 2019, 05:20 AM IST
Nifty closed at a crucial support level of 11004 on Monday and technical charts are indicating a bounceback tomorrow so we can expect the bulls to take over the markets today. The immediate resistance would come at 11105 and the next support levels are 10690.
The auto sector continue to struggle with low demand and rising inventory. After Maruti, Mahindra & Mahindra announced no-production days for automotive and farm equipment sector ranging between one and three days. YES Bank was also in the news due to a stake sale announcement by the promoter Rana Kapoor, which the bank has clarified to be speculative in nature.
Crude has been making headlines since the drone attack on Saudi Arabia over the weekend. Oil marketing, aviation, tyre and paint companies will continue to move the markets today as they recover from one of the largest jumps in crude oil prices.
The immediate resistance level as measured by the 200-DMA is 11224 which is well above the current Nifty levels, indicating that the markets are still in a bearish trend, which began in early August. Markets are providing good opportunities to enter and investors can utilise these corrective declines as opportunities to invest in good quality midcap and smallcap stocks.
Amit Gupta, Co-Founder & CEO, TradingBells