Morning Market View
Indian equities witnessed another session of weakness, with selling pressure emerging from higher levels and the indices ending near the crucial support zone of 25,800 on the daily charts. The near-term trend for the Nifty remains cautious, and a further dip towards the 25,600 support zone cannot be ruled out. Overall, the short-term trend has turned negative, and traders should remain selective with fresh positions.
The Banking Index is currently hovering near a strong support area and continues to outperform the Nifty on a relative basis. The broader trend remains neutral as long as it holds 60,300 on a closing basis. A decisive move above 60,900 could revive bullish momentum. Short-term traders are advised to keep 60,300 (spot) as a stop loss for long positions and avoid aggressive longs until a clear breakout above 60,900 is seen.
Buzzing Stocks on the Street