Nifty futures closed at negative 17,362 level with a flat sentiment. Among specific stocks, Syngene, IGL, Astral, Mind tree, IRCTC, Coal India, SRF, Hindalco, Deepak Nitrite, HAL, PFC, Aarti Industries NSE 2.13%, Pidilite Industries NSE 2.08%, Mphasis NSE 0.22% trade setup was bullish. , Metropolis, Tata Steel, BPCL, Bata NSE 1.79% India, Kotak Bank, TCS, ONGC NSE 0.74% and Godrej Consumer Products but weak in AU Bank, ICICI Bank, Siemens, BHEL, Glenmark, and SBI Life.
Nifty opened from flat to negative on Monday and broke its previous day’s low in early ticks. However, after that, it recovered more than 100 points and closed flat near the opening level. It formed a Doji-type candle with a long lower shadow on the daily scale, which indicates that the downside is being bought. It will now have to continue holding above the 17,300 zone to move towards the 17,300 and 17,777 levels, while downside support can be seen at the 17,250 and 17,100 levels.
India VIX rose 0.61 percent to 14.02 from 13.94. India VIX needs to stay below 13 levels to continue the bullish momentum.
Bank Nifty opened negative and fell down to the level of 36,327. The fall in profit-booking in banking stocks weakened the index and this weakened the market. It formed a bearish candle on the daily scale with long shadows on either side. To see a bounce towards the 36,850 and 37,000 levels, it will now have to keep above the 36,500 level while the downside support was seen at the 36,250 and then the 36,000 level.