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Technical & Derivatives Report 23rd August 2019: Angel Broking

Posted On: 2019-08-23 10:15:13

Technical & Derivatives Report by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"Yesterday as indicated by SGX Nifty our markets started on a mild negative note which was then followed by sell-off that continued throughout the session. On the weekly options expiry day, Intraday bounce got sold into and Index eventually ended with a loss of 1.62% at 10741.

On the daily chart, Index after consolidating within the trading range of 13th August for five consecutive sessions eventually broke the range on the downside which triggered a sharp selloff breaking major support levels with ease. Index has now broken below previous swing low of 10782 and the momentum is strongly gripped by bears. Having said that traders are advised not to be aggressive on short positions as the oscillators are placed in deep oversold zone and we are witnessing PRZ (Potential Reversal Zone) of a harmonic pattern in the range 10700 - 10740 which may trigger in between sharp bounce. As far as resistance is concerned 10800 - 10845 can now act as an immediate hurdle. Traders are advised to keep positions light and avoid undue risk."


Source: Equity Bulls

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