What's next on Nifty?

So as we planned NIFTY had a bearish day. It tried to go higher but then as we analyzed in Monday's weekly commentary, witnessed sharp Sell-on-Rise.

After 24650 the 24500 was the support and we closed today exactly there. No sign of accumulation at this level yet.

Now monthly expiry is done. Time to absorb the volatility. Market will try to stabilize but in the process we may see both side manipulation. So don't freak out and sell on panic.

Now let's paln for tomorrow:

Nifty’s Pivot has now shifted to 24562 with PP being 0.25% which indicates a trendy move in line with the ongoing trend.
Resistance to look out for is 24611 where Sell-on-Rise trades can be planned.
On the downside, 24470 is the support – break of this can extend the fall.

Despite heavy selling, we managed to capture 2 good intraday setups – OLAELEC (+7.91%) and WAAREEENER (+4.66%).

Stock on radar for tomorrow: #Auto parts stocks still holding strength. #Banks look weak. Also, keep an eye on selective Pharma stocks – good momentum can come in.

Levels at a glance:

Resistance: 24611
Support: 24470
Pivot: 24562
View: Bearish bias with Sell-on-Rise setup

That will be all for the day. Take care and have a profitable tomorrow.